Short-term dips before positive growth
Despite rising tensions in the Middle East, a depressed market overall and the prospect of another war now, crypto experts and executives remain optimistic about the future.
Many have been sharing their thoughts recently, and Bitcoin has halved narrative It seems to be getting stronger. There are different counters, but the general consensus is that this will happen in late April or early May 2024.
On October 8, Capriol Fund founder Charles Edwards said that 44% of all Bitcoin returns occurred in the 12 months after each halving. “In other words, all Bitcoin cycle returns are expected to happen soon,” he added.
Are you ready for 2024?
44% of all Bitcoin returns occur in the 12 months after each halving.
Including an additional 6 months in 2017 (red here) holds 150% of Bitcoin's all-time returns!
In other words, all Bitcoin cycle returns are expected to happen soon. pic.twitter.com/50oVdBuiUx
— Charles Edwards (@caprioleio) October 8, 2023
Market sentiment is slowly improving.
Changpeng Zhao, CEO of Binance Added After announcing that he had set the half count of the exchange, to his emotions. He added to his experience by starting the last three halves.
“The day after the halving, the price of bitcoin does not double overnight. And people ask why not. In the year after the halving, the price of Bitcoin reached a multiple ATH. And people ask why. People have short memories.
Santiment, an analytics provider on the chain It was noticed A big transaction came out over the weekend when the property made another attempt at $28K.
Meanwhile, the technical analyst observed “CryptoCon”. Bitcoin “Chop Zones”, referring to the point where things have broken out of the red bear market zone and are likely to go up another leg.
“Unless you have a black swan, the blue lights end the red period pretty well until the next bear market,” he said. However, some expressed concern about the escalating conflict in Israel and its potential impact on markets.
The green lights of #Bitcoin are shining everywhere we look, and in this case blue lights.
If the red bear market's decline in the chop zone is completed, Bitcoin will return one last bit to the red.
The blue lights will end unless you have a black swan… pic.twitter.com/nGENb4ZuZC
— CryptoCon (@CryptoCon_) October 8, 2023
Not so fast…
While the outlook for the long term (end of 2024 and 2025) is extremely positive, the same cannot be said for the short term, which is the rest of the year.
Trader “CrediBULL Crypto” updated its technical analysis on October 9. He noticed a lot of objections at the higher levels before the announcement.
“It's clear where we're headed, the real question is how low we go.”
If this scenario plays out, Bitcoin could re-visit the $26,500 area before attempting another push higher.
There is no change in the idea I have shared below. Aiming at a minimum of 27.1k looks highly likely even with a mid-range attempt at 26.7k.
Zooming in for some more context – you can see we have a lot of liquid built up below us after taking the genius above with a lot more… pic.twitter.com/2ldlhWT4Di
— CrediBULL Crypto (@CredibleCrypto) October 9, 2023
At the time of writing, BTC was trading at $27,943 The top could not be broken $28,100 per weekend.
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