A Crypto Analyst Updates Bitcoin Strategy Ahead of Halving
A well-known crypto analyst has revised his approach to Bitcoin (BTC) as the next halving event approaches. According to the pseudonymous trader, BTC is expected to face resistance in the coming months before potentially breaking through and reaching new all-time highs.
The Bitcoin halving occurs every four years and reduces mining rewards by half. Historically, BTC rallies tend to follow these halving events. However, the analyst also notes the possibility of a slight decline in BTC’s value before the next halving, which is projected to take place in April.
The analyst believes that Bitcoin’s bull market is about 30.9% complete. At the time of writing, BTC is valued at $41,844, reflecting a 10% decrease over the past week.
Assessing Solana’s Performance
The trader also discusses the performance of Solana (SOL), a layer-1 smart contract platform. According to the analyst, SOL is currently testing its range low and may face challenges if it fails to regain momentum above this level.
SOL is currently valued at $95.34, down 5% in the past week.
Hot Take: Bitcoin Prepares for Next Halving
As Bitcoin approaches its next halving event, a crypto analyst suggests that resistance may persist for a few more months. However, after the halving, BTC is expected to break through this resistance and reach new all-time highs. The analyst also acknowledges the possibility of a minor decline before the halving takes place in April. Overall, Bitcoin’s bull market progress is estimated to be around 30.9%. Meanwhile, Solana (SOL) faces a critical point as it tests its range low and must regain momentum to avoid further challenges.
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