Can Bitcoin Overcome Past Trends? Examining The Pre-Halving #Rally And Resistance Levels
Bitcoin (BTC) is experiencing a fresh #bullish uptrend, nearing its 25-month peak of $49,000 at $47,900, with a notable 6% increase in the past 24 hours and 11% over the week, sparking optimism among investors.
Analyst Rekt Capital points out historical trends, including the "Pre-Halving Rally" phase and challenges breaking past resistance levels, such as $47,000 and $46,000.
Rekt Capital suggests a potential trajectory: limited upside by February's end, establishing a higher price range in March, and a pre-halving pullback. This pattern aligns with historical precedents observed in previous years.
Additionally, crypto analyst Ali Martinez highlights the Super Trend indicator's recent buy signal on the $BTC monthly chart, renowned for predicting bullish trends. All four previous buy signals led to substantial gains.
However, Martinez cautions about potential liquidity hunting, which could drive prices down to $45,810, triggering significant liquidations totaling $54.73 million. Liquidity hunters exploit price movements to trigger forced liquidations among overleveraged traders, potentially amplifying downward price movements.
Source - newsbtc.com
