For the upcoming trends that can follow the Bitcoin halving we have looked into the charts and came up with 3 potential plans of action for Bitcoin price.
Plan 01 and 02 are for those who believe $BTC is in an uptrend and will have a strong bull run this year.
According to technical analysis, $BTC needs to break its ATH within the next 2 weeks and then maintain an upward structure for a few weeks after that. In other words, $BTC will rise to the 9x zone without much resistance. Increase => slight adjustment => continue to increase. If this condition occurs, we will completely cancel plan 03. $BTC is unlikely to return to 4x when the price is holding such a strong upward structure.
In this uptrend, $BTC will attract capital, causing BTC.D to increase, making altcoins only increase slightly or sideways. After reaching the 9x zone, $BTC will sideways to pay waves for altcoins.
Are you bullish?
Here are some arguments for and against the uptrend:
Arguments for:
$BTC has been on an upward trend since the beginning of the year.
The RSI indicator is above 50, indicating that the market is not overbought.
The MACD indicator is showing a bullish crossover.
The Stochastic RSI indicator is also showing a bullish signal.
Arguments against:
The price of $BTC is still below its all-time high.
The market is still volatile and could experience a sharp decline.
There are a number of factors that could affect the price of $BTC, such as inflation, interest rates, and regulations.
Plan 3
It is possible that $BTC could drop to 4x in the near future.
Here are some arguments for and against this:
Arguments for:
$BTC has not had a major correction since the beginning of the year.
The Bitcoin Halving event is coming up in about 10 days. This could be a factor that leads to a deep and prolonged correction.
From a cycle perspective, $BTC is too early in the uptrend.
Technically, $BTC could form a top in the 8x zone and then correct to the 45 zone. This would pull BTC.D up and altcoins would correct sharply. This would reset the current market cap, which is considered quite high.
Arguments against:
$BTC is still in an uptrend.
The RSI indicator is above 50, indicating that the market is not overbought.
The MACD indicator is showing a bullish crossover.
The Stochastic RSI indicator is also showing a bullish signal.
What is your opinion on Bitcoin price after halving, do you agree with our plans ? Leave your comments down below and don't forget to follow us for more crypto news.