Bitcoin appears to be on track to end seven months in a row in the green for the first time in history. If Bitcoin wants to achieve that, it must end March above the price of 61,130 dollars. For the time being, this seems to be possible with the current price of $63,800.
What is Bitcoin’s best range now?
The last time Bitcoin managed to score six green monthly candlesticks in a row was from October 2020 to March 2021. At that time, the Bitcoin price shot up from $ 10,781 to $ 58,783. After that sixth green monthly close, however, the Bitcoin price fell by 40 percent from 58,790 to 35,037 dollars.
Historically, Bitcoin always saw corrections during the pre-halving period, but according to Matthijs de Vries, the founder of AllianceBlock, thanks to ETFs we don’t have to worry.
“From the current level of $63,878, the steady inflow into the Spot Bitcoin ETFs serves as a major boost to the price. With Bitcoin’s halving cycle coming to an end, bullish sentiment will be there. Before the end of Q1, I predict a Bitcoin price of $74,000,” said De Vries.
Despite De Vries’ words, there currently appears to be a pre-halving correction. After all, the Bitcoin price has fallen from 73,800 to less than 61,000 dollars. We have now recovered somewhat, but the misery does not seem to be completely over yet.
Bitcoin’s pre-halving correction is not over yet
Based on price history, Bitcoin is still in the pre-halving correction zone according to Rekt Capital.
“As a result, anything can happen in the next 26 days until the halving,” the analyst said on Twitter.
What strikes Willy Woo is that ETF investors have sold during the Bitcoin price dip and investors on the network are actually getting in. “ETF investors are showing that they are beginners. During the first dip, the ETFs saw $1.6 billion in outflows, while the Bitcoin network saw $1.1 billion in inflows.
This means that many people with their own wallets bought the dip,” says Willy Woo.
Could it be the retail audience that will bring Bitcoin out of this dip to continue the bull market? Perhaps they have waited for the dip and are now joining in droves.
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Source: https://newsbit.nl/bitcoin-voor-het-eerst-7-achtereenvolgende-maanden-in-het-groen/
