BTC price falls below key post-halving trendline
The Bitcoin price fell below a key growth trajectory line based on previous BTC halving cycles.
Assuming Bitcoin follows the same trajectory we have seen in previous halving cycles, BTC could reach over $140,000 by the top of the cycle in 2025.
Will Bitcoin Revisit $55,000 Before Further Rising?
According to the upcoming Consumer Price Index, which is due to be released on August 14, the Bitcoin price could still fall below $55,000.
Anonymous trader Crypto Bullet wrote in an Aug. 12 post on X that a higher-than-expected reading could lead to another correction:
However, verified CryptoQuant author Binhdangg noted in an Aug. 12 X post that Bitcoin Miner Reserves have fallen to 1.8 million BTC, down from Bitcoin’s all-time high in early March.
A reduction in miner reserves means less impending selling pressure on Bitcoin, as miners rely on selling Bitcoin to cover operating costs.
However, well-known cryptocurrency analyst Rekt Capital said that Bitcoin needs to confirm a breakout above $60,600 to gain more upward momentum.
