Bitcoin Halving 2024: How Miners Will Influence BTC Price Future Trend
The price of Bitcoin (BTC) is continuing to rise for the third consecutive day, currently trading at $47,400 with a market cap of $930 billion.
Bitcoin’s Pre-Halving Price Rally
After consolidating around $43,000 for three weeks following the approval of the Bitcoin ETF, analysts were predicting a dip to $38,000. However, strong ETF inflows have kickstarted a pre-halving rally, limiting the downside potential.
Crypto analyst Rekt Capital suggests that historical patterns indicate the start of the pre-halving rally phase about two months before the halving event. With this timeline in mind, the analyst predicts that the rally phase should begin next week. However, price action indicates potential bullish momentum earlier than expected.
Recent Liquidations
Bitcoin briefly surged above $48,000 and is currently hovering around $47,122, showing a 3.9% increase in the past 24 hours. Liquidated positions totaling $158 million were recorded in the last day, with short positions accounting for $114 million.
Crypto analyst Ali Martinez suggests a strategy unfolding in the Bitcoin market. The Bitcoin liquidation heatmap indicates a scenario where liquidity hunters aim to drive the price down to $45,810, triggering additional liquidations worth $54.73 million.
Santiment reports that Bitcoin’s recent 13% price surge has led traders to speculate on new support and resistance levels. Many are eyeing the $50,000 mark. Interestingly, altcoins have taken the spotlight in the early hours of the weekend as BTC’s price milestones are surpassed, indicating a shift in focus among traders.
As the Bitcoin halving approaches in the next two months, it is possible that Bitcoin will continue its rally in isolation, with altcoins catching up in the post-halving season.
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