Over the past three weeks, Bitcoin (BTC) price movements have perplexed observers who are not actively participating. On one side, investors are showing disinterest in BTC and focusing on trading alternative cryptocurrencies (altcoins). Conversely, traders are anticipating a possible downturn in Bitcoin's price. However, as the halving event approaches, there is potential for a significant price recovery. Let's take a look at this Bitcoin price prediction article in more detail.
Bitcoin Price Prediction: How has the Bitcoin price moved recently?
Currently, the price of Bitcoin stands at $67,890 with a 24-hour trading volume of $52.29 billion. Its market capitalization is $1.34 trillion, and Bitcoin holds a market dominance of 52.62%. Over the past 24 hours, the price of BTC has risen by 3.37%.
Bitcoin achieved its highest price on March 14, 2024, reaching an all-time high of $73,628. Conversely, its lowest price was recorded on July 17, 2010, when it traded at its all-time low of $0.050000. Since its all-time high, Bitcoin's lowest price reached was $60,942 (cycle low), and its highest price since then was $71,646 (cycle high). The current sentiment regarding Bitcoin price prediction is neutral, with the Fear & Greed Index registering 79 (Extreme Greed).
The circulating supply of Bitcoin is currently 19.67 million BTC out of a maximum supply of 21.00 million BTC. The yearly supply inflation rate stands at 1.75%, resulting in the creation of 337,869 BTC over the last year.
Bitcoin Price Prediction: What Will Happen to the Bitcoin Price during the halving period?
As reported by CoinMarketCap, the Bitcoin halving event is anticipated to occur in 15 days, reducing the mining reward by half. Historical data indicates that this event could have a profound impact on cryptocurrency markets. For example, following the 2012 halving, Bitcoin experienced an extraordinary surge of over 12,000%, rising from nearly no value to $12.50.
Similarly, after the 2016 halving, Bitcoin's price soared by more than 5,200% to reach $650. Subsequently, leading up to the 2020 halving, its price continued to climb to $8,500, representing a 1,200% increase.
Based on these historical precedents, the upcoming halving event may trigger a bullish trend in Bitcoin's valuation. However, there are indications that Bitcoin's price could experience significant volatility and potentially decline before the halving in April.
Will Bitcoin Price Crash?
Analyzing the current market conditions and the impending Bitcoin halving event, the question of whether Bitcoin's price will crash in the near future requires careful consideration. Over the past year, Bitcoin has exhibited impressive growth, with its price surging by 143%, reflecting strong market demand and sustained investor interest.
Additionally, Bitcoin has outperformed 60% of the top 100 cryptocurrencies and notably surpassed Ethereum in terms of performance during this period. The fact that Bitcoin is trading above its 200-day simple moving average (SMA) is considered a bullish indicator by technical analysts, suggesting a positive trend in the medium term.
Furthermore, recent trading activity shows that Bitcoin has experienced 16 green (positive) days in the last 30 days, constituting 53% of the period, which indicates ongoing investor confidence and buying interest.
Moreover, Bitcoin maintains high liquidity based on its substantial market capitalization, contributing to market stability and facilitating large-volume trading.
While market volatility is inherent in the cryptocurrency space, historical trends around Bitcoin halving events suggest a potential for positive price movements rather than a crash scenario.
However, short-term fluctuations cannot be entirely ruled out, and it is essential for investors to stay informed, monitor market developments closely, and consider risk management strategies aligned with their financial goals and risk tolerance levels. So, while uncertainties persist, the prevailing indicators lean towards continued strength and resilience in Bitcoin's market performance leading up to and following the halving event.
Can the Bitcoin price rise to $80,000 in the next few days?
The price of Bitcoin is once again approaching the $70,000 mark, suggesting that the recent crash may have been just a temporary disruption within an overall positive trend. This is supported by the sustained high demand for Bitcoin Spot ETFs among companies, indicating that the trend is likely to remain positive in both the medium and long term.
This suggests that the Bitcoin price may be gearing up for a bull run in the coming days, potentially pushing it to reach a new all-time high and surpass the $80,000 mark in the near future.
