One crypto analyst known as” thescalpingpro " has sparked excitement among Bitcoin (BTC) enthusiasts. This is due to the fact that the predictions of the analyst indicate that BTC is currently only 200 days away from the next halving event, which became the historical precursor of a significant price jump.
With the current price of Bitcoin almost the same as the situation 200 days before the previous halving, “thescalpingpro” speculates that this crypto currency may follow a familiar historical cycle.
This pattern suggests that Bitcoin may be in the early stages of reaching levels above the record highs of 2021 and may reach new record highs after the halving event of 2024.
Although Bitcoin has seen a 60 percent drop from its previous high in 2021.
Reporting from Twitter, this pattern reflects the situation before the halving in 2019, where there was a similar decline after reaching a peak in 2017. Historically, the price of Bitcoin has shown a strong recovery after a sharp decline from previous peaks.
The Bitcoin Halving, which occurs every four years, is a reduction in the reward for mining new Bitcoin blocks. This is not a half-hearted reduction, that is, half of the previous reward.
For example, a miner usually gets 6 BTC as a reward after breaking a new block of Bitcoin. After this halving, the reward will be 3 BTC.
This feature of the protocol is designed to slow down the issuance of new Bitcoins, effectively control inflation and support prices. What has piqued the interest of analysts and investors, is the sequence of events leading up to the halving. Just like in 2016 and 2019, Bitcoin is currently trading about 60 percent lower than its previous high.
However, bullish sentiment does not only come from thescalpingpro, another analyst under the pseudonym Stockmoney Lizards, has predicted that Bitcoin could experience a surge up to us$ 48,000 before the halving takes place.
This analysis is based on important support and resistance levels indicated by Fibonacci retracement levels. The analyst believes that Bitcoin will test the 61.8 percent retracement level of the swing high-low range between 2021 and 2022, which could push it towards the$ 48,000 mark.
is headed before the halving? There are many opposing views out there, mostly bearish scenarios. We will show you why we believe BTC will rally up to $48,000, the 61.8 Fibonacci retracement. There are three main reasons:
1. Peak-to-Bottom Fibs usually serve as crucial support, resistance and price target levels. Not only in crypto. Traders and investors are having a close eye on these levels.
2. We see a reversal of the bear power into a bullish scenario. This is obvious when watching indicators like RSI or MACD as well as when taking a look at on balance volume of the big exchanges = Switch in momentum
3. Repeating ourselfs: 2 quarters to halving, the main driver of bull power in the past, combined with big money waiting for spot ETF approvals.
This anticipated race towards us$ 48,000 is expected to be further strengthened by the " momemtum halving” and the switch from bearish to bullish sentiment, as indicated by various technical indicators, including the Relative Strength Index (RSI),
Lizards also said that the convergence divergence of the Moving Average (MACD), and the volume of the balance of large exchanges, all of which currently look oversold.
