- BTC has risen by more than 3% in the past seven days.
- Bitcoin’s exchange rate reserve fell, but there were chances of a price correction.
As we approach the date of the next one Bitcoin [BTC] halving, the price of the king of cryptos has also gone up. Considering the most recent data, the uptrend could even last a few more months.
So let’s take a look at BTC’s key metrics to find out whether investors should expect BTC to rise before the halving.
Bitcoin turns bullish
Bitcoin has managed to recover from last month’s downtrend as its price rose above the $43,000 mark again.
According to CoinMarketCapBTC has risen by more than 3% in the past seven days. At the time of writing, BTC was trading at $43,098.66 with a market cap of over $845 billion.
The next BTC halving is just 2 months away. Historically, the price of BTC has risen significantly a few months after each halving, suggesting that investors could see BTC reach new highs by the end of 2024.
However, the latest data showed that there was a chance BTC‘s value increases even before the halving.
Caleb Franzen, a popular crypto analyst, recently revealed in a tweet that BTC’s 200-day exponential moving average (EMA) and 200-day simple moving average (SMA) were moving higher.
Bitcoin’s 200-day moving average cloud has now risen to:
200-day EMA = $36,050
200-day SMA = $34,110
This range is valid dynamic support, as it has already been.
My expectation is that cloud will rise rapidly in April 2024 as the price bottomed out in September 2023. pic.twitter.com/jMX1IevCrp
— Caleb Franzen (@CalebFranzen) February 2, 2024
When the distance between the two increases, the price of BTC increases. A similar incident occurred in early 2023. Therefore, the possibility that BTC’s price will reach the next milestone, the $50,000 mark, before the halving cannot be ruled out.
If BTC manages to maintain its uptrend, it will need to break above a few resistance zones before reaching $50,000.
AMBCrypto’s look at Hyblock Capital’s data revealed that the coin could encounter resistance near $45,300, as BTC’s liquidation surged when the price previously reached that level. Towards the north, another key resistance level could be around $48,000.
Source: Hyblock Capital
Does the market have confidence in Bitcoin?
While we wait for the price of BTC to reach $50,000 again, AMBCrypto has been checking the market sentiment. BTC.
An analysis of CryptoQuant data showed that BTC’s foreign exchange reserve plummeted in the recent past, meaning investors were actively buying Bitcoin, which is generally a bullish signal.
Source: CryptoQuant
However, the king of cryptos did have some concerns that needed to be addressed. According to CryptoQuant, BTC’s aSORP was red. This means more investors are selling at a profit. In the middle of a bull market, this could indicate a market top.
Source: CryptoQuant
Read Bitcoins [BTC] Price prediction 2024-25
Additionally, BTC‘s Fear and Greed had a value of 60 at the time of writing, indicating that the market was in a “greed” state.
Whenever the benchmark reaches that stage, it indicates that there are chances of a price correction in the near term. Therefore, investors should remain patient to see BTC reach $50,000 again in the coming months.
Source: Alternative.me
