Summary: Bitcoin Price Analysis
Bitcoin price is currently forming a bullish pattern on the higher time frames, signaling an uptrend continuation soon. With the Bitcoin halving event approaching in about two weeks, the supply vs demand shock is expected to escalate. US Fed Chair Jerome Powell anticipates rate cuts this year, further impacting the crypto market. The recent Bitcoin volatility led to significant liquidations as altcoins experienced a drop.
Macro Fundamentals at Play
Market data from CryptoQuant shows over 90,700 Bitcoins being withdrawn from major exchanges in the past month, indicating high demand. Additionally, the upcoming fourth halving, with daily miners’ rewards expected to reduce by half, is drawing attention. Investors worldwide are turning to Bitcoin and other cryptocurrencies to hedge against fiat inflation. Jerome Powell’s announcement of potential rate cuts adds to the market dynamics.
Midterm Bitcoin Price Expectations
Following a consolidation phase post reaching $74k, Bitcoin established a support level near $67k. Anticipation of a fresh all-time high is fueled by the upcoming halving event. Analysts suggest a bullish pennant triangle formation could propel the price above $82k. However, consistent closure above $70k is crucial to avoid further corrections.
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