Bitcoin Price During Halving : BTC Price To Hit This Level By Mid-April

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Bitcoin (BTC) and the entire crypto market have been attempting to capitalize on the poor monetary policies around the world led by the United States Fed in the recent past. On the daily time frame, Bitcoin price is on the cusp of a bullish upsurge towards the psychological resistance level of around $49k.

Furthermore, the recent heightened selling pressure catalyzed by the periodic market dumps by Grayscale Investment has significantly reduced in the past few days. Nevertheless, on-chain data shows that Bitcoin miners have now started selling their holdings. As a result, heightened volatility is expected to rock Bitcoin and the entire crypto space as investors continue to rebalance their portfolios.

Bitcoin Price During the Upcoming Halving

$BTC Bulls may take a brief rest before the Halving Rally, with Bitcoin expected to move within the range of 40-45k for the next 5-6 weeks.

Halving Rally is anticipated to kick off in mid-March, and by mid-April, Bitcoin could Potentially Reach 57k.

So keep accumulating, like… pic.twitter.com/sf9YDYXovA

— Captain Faibik (@CryptoFaibik) February 2, 2024

With about 79 days left until the fourth Bitcoin halving happens, crypto analysts expect heightened volatility as more investors enter the space for maximal speculation. According to a popular crypto analyst alias Captain Faibik on the X platform, Bitcoin price is likely to consolidate in the coming six weeks between $40k and $45k. However, the crypto analyst highlighted that a possible breakout towards $57k could happen in the pre-halving rally as more long-term investors led by BlackRock and Fidelity continue to accumulate more Bitcoins.

The short-term Bitcoin bullish outlook is also bolstered by the head and shoulder (H&S) pattern that has been forming in the daily time frame coupled with a rising divergence on the daily Relative Strength Index (RSI).

Closer Look at Crypto Cash Rotation

The Bitcoin price consolidation in the coming weeks is expected to pave the way for the much-anticipated altcoin season. Furthermore, the ETH/BTC pair is on the verge of a historical rebound after forming a bullish divergence around 0.053 in the past few weeks. Meanwhile, Chainlink (LINK) has already shown early signs of an inevitable bullish breakout.

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