🔥🔥🔥 The $86,500 #bitcoin Question: Will The #halving Spark A Price Surge This April?
The #cryptocurrency market has seen a downturn, with Bitcoin hitting a low of $61,600. However, experts anticipate a rebound as the Halving event nears.
According to Adrian Zduńczyk, bullish signals include the 200-week and 50-week moving averages, standing at $33,700 and $39,900 respectively. The Net Unrealized Profit/Loss (NUPL) ratio is favorable at 0.55, and Bitcoin maintains a strong correlation of 0.71 with the S&P 500.
BTC is navigating a volatile range between $59,000 and $74,000, with medium-term momentum declining and increased volatility indicated by the 50-day Average True Range reaching $3270.
Market sentiment is greedy, with a Fear & Greed Index reading of 65. Miners remain profitable above $41,800, anticipating a surge post-Halving.
Historically, Halving events have triggered significant price rallies, with Bitcoin never returning to Halving prices afterward. April's opening price suggests a positive outlook, with an end-of-month target of $86,500 according to Zduńczyk.
Despite the positive outlook, Bitcoin currently trades at $62,600, experiencing a 9% drop from its mid-March all-time high of $73,700. Resistance at $70,000 has proven challenging, but the synergy between the ETF market's success and the Halving event could drive Bitcoin's price higher.
Source - newsbtc.com