- Bitcoin could start another bull rally before the upcoming halving.
- Statistics and indicators supported the possibility of a bull run.
Bitcoins [BTC] The price finally showed signs of a bull rally after being in a consolidation phase for days. The king of cryptos’ price action turned bullish at a time when he was expecting his next halving in a few days.
Bitcoin is becoming volatile
After several days of sluggish price movements, the BTC bulls recently made a move, allowing the king of cryptos to post profits.
According to CoinMarketCapBitcoin has risen more than 2% in the past 24 hours, pushing it towards $70,000.
At the time of writing, BTC was trading at $69,497.75 with a market cap of over $1.37 trillion.
The price surge raised expectations for the coin, and for investors, the possibility of BTC reaching its previous ATH of $73,000 again seemed likely.
Mags, a popular crypto analyst, recently posted tweet stating that BTC’s first half of the bull rally was over and was about to begin its second innings.
If that’s true, BTC might as well reach a new ATH before the upcoming halving. According to the tweet, BTC’s ATH could be somewhere near $350,000.
What the statistics suggest
Since the $350,000 goal seemed quite ambitious, AMBCrypto planned to take a look at the crypto king’s stats to see what to expect in the near term.
Our analysis of CryptoQuant’s facts revealed that the foreign exchange reserve was declining, which meant that buying pressure on the currency was high.
The binary CDD was also green, meaning that long-term holders’ moves over the past seven days were lower than average.
Source: CryptoQuant
AMBCrypto then analyzed BTC’s daily chart to see if an uptrend was inevitable. We found that BTC needs to move above the USD 71,000 resistance to initiate a bull rally.
The possibility of this happening was likely as the Relative Strength Index (RSI) registered a rise. However, nothing can be said for sure as the MACD showed a bearish advantage in the market.
Source: TradingView
A quick look at the upcoming halving
This all happened at a time when BTC was expecting its next halving, which is about to happen about 12 days after publication time.
The halving will gradually reduce the available trading supply over the next four years, with an estimated impact of ~6%.
Read Bitcoins [BTC] Price prediction 2024-25
AMBCrypto then looked at the BTC mining sector to see how miners behaved before the halving.
We found that BTC’s hashrate remained relatively high over the past month, reflecting a stable number of miners active in the ecosystem. At the time of writing, BTC’s hashrate was 656.61 EH/s.
Source: Coinwarz