The current bottom will never see again? When we compare to Bitcoin halving 2020 and 2024 daily chart we see on April 20, 2024 Bitcoin will show nonstop pumping heavily without pullback which could lead us on April 22, 2024 Bitcoin having the price of 77K+. This is due to the current Bitcoin shows the oversold (Right chart) signal to pump without any pullback!
Before diving into let’s see what Bitcoin halving and Explaining more Williams and RSI indictor what telling us😋🥳
Bitcoin halving is an event that occurs approximately every four years, in which the reward for mining new blocks is halved. This event is programmed into the Bitcoin protocol to ensure that the total supply of Bitcoin remains limited, with a maximum cap of 21 million coins.
Historically, Bitcoin halving events have been associated with significant price increases. This is because the reduced supply of new coins entering the market puts upward pressure on the price, as demand for Bitcoin remains strong. In the lead-up to a halving event, there is often speculation and anticipation in the market, leading to increased buying activity.
With the next Bitcoin halving scheduled for April 20, 2024, many analysts and traders are predicting that Bitcoin will start to pump heavily in the days leading up to the event. This is based on historical patterns and indicators that suggest a bullish trend following halving events.
In the weeks and months leading up to the halving, Bitcoin’s price may experience increased volatility as traders position themselves for potential gains. This can create opportunities for both short-term traders looking to capitalize on price movements and long-term investors looking to accumulate Bitcoin before a potential price.
The Williams %R indicator is a momentum indicator that oscillates between 0 and -100, indicating overbought levels above -20 and oversold levels below -80. When Bitcoin shows an oversold signal on the Williams %R, it suggests that the price is at the lower end of its recent range, which could imply a potential for a price increase if other market conditions align.
Regarding the upcoming Bitcoin halving on April 20, 2024, historically, such events have led to a reduction in the rate at which new bitcoins enter the market, effectively decreasing the available supply. If demand remains constant or increases, basic economic principles suggest that the price of Bitcoin should rise¹². This has been observed in past halving events, where the price of Bitcoin increased following the reduction in mining rewards.
However, it's important to note that while historical data can provide insights, they do not guarantee future performance. Market conditions, investor sentiment, and broader economic factors can also significantly influence Bitcoin's price. The expectation of Bitcoin reaching 77K+ by April 22, 2024, would depend on a multitude of factors, including market reactions post-halving and overall cryptocurrency market trends at that time.
As with any investment, especially in highly volatile assets like cryptocurrencies, it's crucial to conduct thorough research and consider the risks involved. Diversification and careful risk management are key strategies for investors to consider.
Based on the latest available data for Bitcoin's daily chart analysis as of April 17, 2024, here's a technical analysis with a focus on the Relative Strength Index (RSI) indicator:
Bitcoin's Price Action:
- The price of Bitcoin has seen some volatility with a 1-day change of -3.84% and a 1-week change of -8.81%. Over the last month, the price has decreased by 9.03%.
RSI Indicator Analysis:
- The RSI is a momentum oscillator that measures the speed and magnitude of price movements. It typically fluctuates between 0 and 100, with readings above 70 indicating overbought conditions and below 30 indicating oversold conditions.
- As of the data from April 17, the RSI for Bitcoin is 47.33, which suggests that Bitcoin is neither overbought nor oversold, indicating a neutral market momentum at this time.
Technical Outlook:
- The current sentiment for Bitcoin is bearish, with the Fear & Greed Index showing 74 (Greed).
- Bitcoin's 50-Day Simple Moving Average (SMA) is projected to be around \$74,629 by May 14, 2024, while the 200-Day SMA is expected to rise to \$53,036
- There is a prediction that the price of Bitcoin could rise by 15.60% and reach \$77,816 by April 22, 2024, if it reaches the upper price target.
Please note that this analysis is based on past performance and current market conditions. The cryptocurrency market is highly volatile, and past performance is not indicative of future results. Always do your own research and consider seeking advice from a financial advisor before making any investment decisions.