The Bitcoin bulls have lately been struggling to definitively regain the positive momentum of Q1 2024. However, according to many analysts, the best for Bitcoin is yet to come during this bull run, as the four-year halving is just around the corner.
Can we expect increases after this major event, which some say is Bitcoin’s “secret weapon”?
The Bitcoin Halving: Are We Going Down?
The Bitcoin halving means that from approximately April 20 we will produce not 6.25 but 3.125 Bitcoin per block. This, as it were, halves the inflation of Bitcoin, which is why we call this event the Halving.
Historically, this event is very bullish for Bitcoin. So far, a huge bull market has erupted after every halving.
What makes this cycle special, however, is that Bitcoin already managed to record a new all-time high before the halving. This has never happened before in the history of the digital currency.
Bitcoin also seems to be looking bullish on a technical level at the moment, which is a positive signal for the future.
Bitcoin’s charts are bullish
Bitcoin seems to be getting more rocket fuel from its charts at the moment, which several analysts say look bullish at the moment.
One of the analysts who calls this out is the Dutch Michaël van de Poppe, who sees the price of 69,000 dollars as an important point for Bitcoin.
After all, that is the old all-time high of Bitcoin and for many people that price seems to play an important role in a psychological sense.
It is therefore important to put that course behind us as quickly as possible. Although it is not wrong to create a kind of “bottom” around this level.
What you often see is that certain prices, where Bitcoin lingers for a long time, act as a strong bottom in the future; because many people buy at that price level and do not like to sell at a loss.
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Source: https://newsbit.nl/is-dit-het-geheime-wapen-van-bitcoin/
