You are here: Home / News / Bitcoin On The Verge Of $55k Before Halving, Experts Say
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Bitcoin (BTC), the leading cryptocurrency, has actually been revealing an amazing healing in the previous couple of days, after a quick dip listed below $40,000 in January. The digital possession has actually climbed up above $47,000, as financiers flock to the recently introduced spot-Bitcoin ETFs.
Michael van de Poppe, a cryptocurrency expert and trader, published on X on February 10 that Bitcoin is most likely trying to find greater liquidity levels, and we might see $55k before the halving. He likewise modified his series of high forecasts, stating that BTC might reach in between $49k and $51k before the halving.
BTC is most likely to continue its upward momentum as the significant halving occasion coming more detailed. The halving is a procedure that happens every 4 years, in which the benefit for mining brand-new blocks of bitcoin is halved. This minimizes the supply of brand-new coins, producing a shortage result that enhances the worth of the existing ones
Rekt Capital, another crypto expert, likewise mentioned that Bitcoin is following a historic pattern of pre-halving rallies, which generally take place around 2 months before the halving. He shared a chart that revealed the previous cost motions of BTC before the halving occasions in 2015, 2019, and 2023.
Technical Indicators Signal Bitcoin Bullish Trend
Technical analysis likewise supports a bullish or upward BTC rate outlook. BTC broke above significant resistance at $44,000, indicating a strong breakout. This reveals favorable market belief and high need for Bitcoin. BTC is presently revealing strong bullish beliefs signal of 71, according to Augmento, a crypto belief expert platform.
The weekly close above $47,000 verifies the start of a brand-new bull pattern. Sustaining this level might make it possible for more gains ahead. The Relative Strength Index or RSI reveals Bitcoin is overbought at 69. This signals strong purchasing pressure and market optimism.
According to Tradingview, BTC is presently trading at $47,006, boasting a market cap of $925.83 billion USD. Over the previous 24 hours, it has actually experienced a modest boost of +1.33%, with a trading volume of $32.67 billion USD. Its distributing supply stands at 19.62 million.
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