With the fourth Bitcoin (BTC) halving event just around the corner, analysts are anticipating a potential price rally. This halving event will result in the reward for mining the cryptocurrency being reduced by half. Despite the weekend’s consolidation below the critical psychological level at $70,000, Bitcoin’s 3-day chart remains bullish, according to pseudonymous crypto expert CryptoJelleNL. The analyst further predicts that Bitcoin could soar to $80,000 soon.
#Bitcoin's 3-day chart is not budging.
Halving event this week.
Pretty sure we'll see $80,000 soon. pic.twitter.com/uuDhcH1279
— Jelle (@CryptoJelleNL) April 15, 2024
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The estimated date for the halving event is April 19, 2024, 18:07 Universal Time Coordinated (UTC), which means that it is only four days away. The upcoming halving event is considered one of the most significant events for Bitcoin, and its impact on the price of the cryptocurrency is almost certain to be immense.
Ali Martinez, a crypto trading analyst, has noted that the Bitcoin realized profit/loss ratio has fallen below 1. This indicates that investors are currently realizing more losses than profits, which traditionally indicates a local bottom for BTC over the past six months.
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BTC price prediction
Bitcoin is currently trading at $66,070, with an increase of 3.10% in the last 24 hours. However, it has experienced an 8.43% drop across the previous seven days and a loss of 3.24% accumulated on its monthly chart, as per the most recent price data.
In conclusion, investors should conduct thorough research before investing in Bitcoin, given the upcoming halving event’s potential impact on the price of the cryptocurrency.