Bitcoin’s price fell below the ascending trend line it had been following since the beginning of the year 2023. The breakout appears to be tremendous, as the path for the recovery remains distinct.
The star crypto is believed to remain consolidated for a while ahead; however, the impending trend continues to remain misty.
The market participants believed that trend would rise above $25,000 somewhere before the end of Q1 2025. The recent market crash caused by an external factor raises concerns about the future trend.
However, if historical price action is considered, the BTC price has always consolidated in an ascending manner before each halving.
After the halving event, the price of Bitcoin surges magnificently to new highs. Therefore, as per an analyst, Trader Tradigrade, the Bitcoin top may surge beyond $200K after the next halving.
“Long term Bitcoin chart pattern correlated to bitcoin halving. Before next halving date estimated in 2024, BTC will reach $50K for the second top. The BTC top after next halving will reach $200K,”
The Bitcoin halving is scheduled to happen at block 840,000 on April 28, 2024, where-in the BTC rewards would be halved from 6.25 to 3.125.
Therefore, a fine upswing may be expected during the second half of 2024, and the BTC price may rise high to form new ATH.
