Bitcoin
Why Bitcoin’s post-halving rally is right, analyst explains – TradingView News
Bitcoin experienced a 3.06% price drop on Friday, dropping to $60,372.36 based on data from CoinMarketCap. With the crypto market leader now in the consolidation phase, a trading analyst with username X, Titan of Crypto, expressed resilient faith in Bitcoin’s ability to produce a post-halving price recovery.
Bitcoin Rise Is Inevitable, Analyst Identifies $150,000 Price Target
In a series of X posts on Friday, Titan of Crypto shared some interesting bullish predictions in the Bitcoin market. Firstly, the analyst noted that amid BTC’s price decline, the token’s price pattern on the daily time frame formed a bullish signal.
Titan of Crypto has referred to this signal as the bullish engulfing candle which occurs when a larger bullish candle completely emerges from the previous smaller bearish candle, thus indicating a potential reversal from a downtrend to an uptrend.
Following these observations, the analyst also predicted that Bitcoin would soon experience a huge price gain after the halving. Titan of Crypto described this prediction as “inevitable,” citing historical Bitcoin price data.
The crypto analyst said:
To understand the present you need to research the past. And what the past tells us is that there was no instance of #BTC that did not recover after the halving.
Titan of Crypto also acknowledged that short-term price movements can be “messy,” but he expects BTC to maintain an upward trajectory in the long term. Based on previous post-halving rallies, Titan of Crypto predicts that Bitcoin will trade at $150,000 in 2025.
BTC Near Bottom Price as Dip Buying Interest Drops
In other news, blockchain analytics site Santiment also predicts that the recent drop in Bitcoin’s price could soon end, stating that the token is close to the “bottom”, i.e. the lowest point in a market crash, in which the price stops falling and starts rising exponentially.
Interestingly, this prediction from Santiment is based on a decline in dip buying activity from Bitcoin investors. The analytics platform reports that trading interest in Bitcoin following its most recent decline on Friday is far below levels associated with previous price drops.
At the time of writing, Bitcoin continues to trade around $60,968, with an overall price loss of 3.26% over the past week. On the monthly chart, the digital currency also remains in the red zone, reflecting a drop of US$13.64%. However, Bitcoin’s daily trading volume remains positive at 9.73% and $27.88 billion.