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Mustafa Mulla
Mustafa Mulla
Author
Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.
- Feb 02, 2024 05:46 UTC
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Bitcoin Halving Prediction: BTC to Hit $50K Before Halving, but Brace for March Dip
MikybullCrypto predicts Bitcoin reaching $50,000 based on historical cycles and pre-halving trends.
Bitcoin currently faces uncertainty (doji pattern) and struggles to surpass $45,000 resistance.
$44,000 and $41,000 will be crucial support levels to confirm or challenge the bullish February prediction.
Leading analyst MikybullCrypto has dropped a bombshell prediction: Bitcoin could skyrocket to a whopping $50,000, fueled by historical cycles and pre-halving hype. But before you celebrate, there’s a twist – a substantial correction lurks around the corner.
Dive into the analysis and understand the secrets behind this bold forecast.
Spot ETF Launch: A Closer Look
In a recent post on X, notable crypto analyst MikybullCrypto sheds light on the current market scenario, drawing attention to the Spot ETF launch and its impact, often considered a “sell the news” event.
On Bitcoin’s monthly chart, there’s a pattern known as a doji. It indicates market uncertainty, showcasing a scenario where participants are unsure about their next moves. What does this mean for the future of Bitcoin?
Also Read: Altcoins Bloom While Bitcoin Makes It Above $43,000: Has the BTC Price Rally Re-Initiated?
The Supertrend Indicator
Turn your attention now to the Supertrend indicator, a trusted tool for many analysts, which continues to hover in bearish territory. The challenge lies in Bitcoin’s struggle to close above the critical $45,000 mark, expected later this month.
MikybullCrypto delves into historical patterns, highlighting the Relative Strength Index (RSI), which historically reaches around 67 levels in the pre-halving period before a macro correction. Will this historical trend play out again, or is Bitcoin gearing up for a surprise?
The prediction is bold: Bitcoin might reach $50,000 before experiencing a significant correction.
Bullish February, March Correction?
Aligning with MortensenBach’s Bitcoin seasonality chart MikybullCrypto’s analysis indicates a bullish February followed by a potential correction in March. Currently navigating a consolidation phase, Bitcoin is awaiting key movements.
MikybullCrypto identifies $44,000 and $41,000 as pivotal levels. These levels hold the power to either confirm or challenge the presented data, serving as key indicators for Bitcoin’s next move.
As of now, Bitcoin is trading at $42,961, showing a modest 6.9% increase over the past week. The 24-hour trading volume indicates a decline of 24.1%, with the market cap hovering around $845.12 billion.
Read More: Will SEC Approve Bitcoin Options ETF in 2024
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