The crypto markets are hovering within a roller coaster ride as the Bitcoin price does not appear to be stabilising within certain levels. The prices are experiencing massive fluctuations with the advancement of the Bitcoin halving, which is just 2 days away. Usually, the markets consolidate around the halving and also experience a significant pullback. Hence, many believe the current bearish consolidation could be a similar consolidation before a massive jump.
In our previous composition, numerous reasons were decoded, which illustrates that the price may not resemble the previous rally. Hence, the BTC price may certainly not reciprocate the previous rally and the markets may take some more time to trigger a healthy upswing. However, having a closer look at the BTC price chart in the long timeframe indicates that the token is preparing for a huge wave.
The long-term price chart displays a huge possibility of regaining the lost bullish momentum as the token is in between a strong rally. The above chart displays that the BTC price has sliced above upper targets and is trading within the crucial resistance levels. Although the rally appears to be stuck within a region, the bulls could be accumulating gains to trigger a breakout above the final resistance close to the ATH, which is close to $74,000. Once done, the BTC price may continue to trade within a discovery mode and mark new highs every new day.
Besides, the Bitcoin halving is just 2 days away, which will reduce the rewards to half, which in turn could reduce the new issuance. Hence, the BTC price is believed to have a significant impact following the halving but before that, a sideways trend is imminent. The long-term chart also displays the possibility of an extended bearish trend, which could hold the levels below $60,000. But soon after the bulls gain momentum, the bitcoin price may begin with a fresh bullish spell.
Read More : Will the Bitcoin Halving Be Bullish for the BTC Price? Expert Weighs In
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