- Bitcoin’s value surged past $65,000 after the fourth halving event.
- Post-halving, BTC price remained stable, fluctuating between $63,000 and $64,000.
- Analysis suggests potential BTC rise to $73,246, with $85,000 as a target.
Less than a day following the fourth halving of Bitcoin
Notably, this event coincided with the production of the 840,000th block on the Bitcoin network. Prior to the halving, market observers expected the event to lead to significant price volatility, potentially causing the price to spike or plummet dramatically.
Contrary to these expectations, Bitcoin’s price remained relatively stable, oscillating between $63,000 and $64,000. Now that the halving has concluded, speculation arises about Bitcoin’s performance in the subsequent months. Coin Edition offers an analysis of the potential for Bitcoin to reach the lofty price targets some traders anticipate for this cycle.
BTC/USD 4-Hour Chart Analysis
After being rejected at a high of $71,030, BTC’s price has fluctuated within the $60,000 to $68,000 range. Notably, there was a strong support level at $60,266 on the 4-hour chart. A drop below this support level could potentially lead to a downward correction toward lower prices, such as $56,000.
On the other hand, the Relative Strength Index (RSI) indicated a different scenario, as its value was on the rise. An increasing RSI indicates bullish momentum, which could predict an increase in price over the short term.
The Money Flow Index (MFI) has declined following its previous increase, suggesting a reduction in the inflow of capital into the market. If this trend persists, it may prove challenging for Bitcoin (BTC) to breach the $73,000 threshold.
BTC Daily Chart Analysis
An examination of the daily chart reveals the potential for Bitcoin’s value to experience a further drop before embarking on an upward trajectory. Currently, the Moving Average Convergence Divergence (MACD) is in negative territory, indicating the presence of bearish momentum.
In addition, the 26-day Exponential Moving Average (EMA) in orange is positioned above the 12-day EMA in blue, indicating a stronger presence of sellers than buyers. Should this pattern continue, it could lead to a decline in Bitcoin’s price.
If the price falls, it could find support within the range of $53,000 to $58,000. Nonetheless, Bitcoin’s price is anticipated to climb beyond its historical peak over a medium to long-term horizon. Projections based on the Fibonacci indicator suggest that after the correction phase concludes, BTC could reach a value of $73,246.
At this point, the 0.786 Fibonacci level was located. Subsequently, the coin could experience an increase towards the $85,000 mark. Nonetheless, whether BTC will reach a value of $100,000 before the year concludes is still unclear.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
