On the daily chart, Bitcoin price is showing a V-shaped recovery, followed by a correction to test the stage. The Bitcoin price recovery experienced a bearish exit over the weekend, with a 0.88% drop on Saturday as it met resistance near $60,500.
Furthermore, the bearish trend returned today with the third consecutive bearish candle, dragging the price down 0.73% on the day.
Currently, the total decline is 3.45% and is testing the support level of $58,655. Based on the Fibonacci levels, this is the 23.60% level, with the next target at the 50% Fibonacci level of $63,847. The low price in the daily candle suggests a potential comeback for Bitcoin near the support zone.
Bitcoin Halving Effect
Amidst the resurgence of bearish sentiment, Bitcoin’s upcoming trend is likely to recover. Supporting the bullish case, Quentin Francois, co-founder of Werate, tweeted about the possibility of Bitcoin’s comeback.
He said the average Bitcoin bull run starts 170 days after the halving and peaks 480 days after the halving. The Bitcoin bull run has not started yet. We are 147 days after the BTC halving and are likely to surpass the all-time high.
Analysts Aim for Bitcoin Price to Reach $92,000
Supporting the upcoming trend, Titans of Crypto, a Bitcoin investor, tweeted about the upcoming Bitcoin price rally. Sharing the bullish view, Titan of Crypto shared that the previous cycle saw the price retest the 50-week SMA. The bullish recovery led to at least a 40% rally.
On average, rallies result in a 70% gain. In this case, with BTC currently testing the 50-week SMA, a 71% rally from the current market price could hit a target of $92,000. This is very close to the $100k target that the broader market expects for Bitcoin this year.
Rate Cut Possibility and Conclusion
Furthermore, the likelihood of a near-term increase in prices increases with the FOMC meeting in two and a half days, signaling a potential rate cut. Based on the tool FedWatchthe possibility of a 475-500 basis point cut has increased to 59%.
In conclusion, despite the minor correction, Bitcoin price is likely to resume its bullish momentum this week. In this case, the next target for the largest cryptocurrency is $63,847.
Wondering what BTC price will be by the end of 2024? Explore Coinpedia’s Bitcoin price forecast for 2024 to 2030 to determine if the $100K target is within reach.
