LIVEFinal analysis of $BTC before the halving event.
Within the past 24 hours, Bitcoin experienced a significant increase of $6,000 rising from $52,000 to $58,000 The question remains: how did Bitcoin achieve such a rapid increase in value? Over the past two weeks, Bitcoin has been attempting to uphold its support at 50,000 and break out from the resistance around 52,500. The main concern now is whether BTC will reach an all-time high (ATH). Before halving, the value was at $40,000 and today it has surged to about $58,000, an increase of almost $18,000
The resistance zone before reaching the all-time high is between $58,500 and $60,000 . The Greed index, indicating extreme greed, is currently above 80 due to the record high open interest. The market reached the overbought zone during the pre-halving pump. It is time for the last correction. Each altcoin will decrease by 20% to 25% in the near future.
Bitcoin's ultimate price objectives are between $58,500 and $60,000. Expect significant pullbacks once these levels are reached.
Where will BTC go once the downturn begins?
My original target is $45,000, at which point liquidation will occur with a leverage of 10x.
Altcoin can also recover from the overbought zone.
PREPARE FOR THE HALVING EVENT Bitcoin is expected to surpass its all-time high before the end of the year, but before that, a significant correction is anticipated in March.
