Analyst Predicts Bitcoin to Hit $250,000 Before Halving
26 Enero 2024 - 2:00PM
NEWSBTC
In a post shared on X on January 26, crypto analyst
BitQuant forecasts that Bitcoin (BTC) will recover from
the current downtrend and surge past its all-time high of $69,000
to over $250,000 before the upcoming Bitcoin halving in April.
Bitcoin To $250,000 Before Halving? From the chart shared, BitQuant
notes that Bitcoin is still trending inside a rising channel. Out
of the multi-year uptrend that the coin is in, this channel’s next
“touch” is projected to be at around $250,000. For now, if the
trend line guides, Bitcoin has immediate resistance at about
$80,000. This level should be the next key target for bulls to
retest. According to BitQuant, it is likely that Bitcoin will float
above this line to $250,000 by April before the network
automatically halves block mining rewards. Extrapolating from the
analyst’s preview, the Bitcoin uptrend remains valid until the
upper limit defined by the rising trend line is “touched.” Even so,
when this level will be breached is not specified. Related Reading:
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this line is tested, placing the coin at over $250,000, it will
likely follow its historical pattern by cooling off. The depth of
this retracement is not also defined but is expected to be deep
since BitQuant said the coin will “die.” BitQuant explained that
this “dying” period refers to Bitcoin’s price going below its
previous all-time high. The retracement will be expected. This is
common after halving since supply tends to increase as demand for
the coin softens. Despite this temporary setback, BitQuant remains
confident that BTC will regain momentum and continue its long-term
upward trend. Spot Bitcoin ETF Issuers Buying, BTC Stabilizes Above
$39,500 Though the analyst remains bullish, it is unclear how
prices will pan out for now. The United States Securities and
Exchange Commission (SEC) recently approved multiple spots for
Bitcoin exchange-traded funds (ETFs). Though issuers have been
ramping up purchases, Grayscale Investments have liquidated their
Grayscale Bitcoin Trust (GBTC), selling shares and dumping coins
via exchanges. Related Reading: Report Shows Polygon Users Rivaled
Ethereum In 2023, But Why Has Price Failed To Clear $1?
Recent data from Lookonchain reveals that GBTC reduced
10,872 BTC worth over $447 million on January 25. Meanwhile, eight
spot Bitcoin ETF issuers added 8,744 BTC, with BlackRock adding
4,284 BTC. On January 24, GBTC reduced 13,179 BTC with Fidelity
Investments, another spot Bitcoin ETF issuer, buying 4,023 BTC.
With BTC finding demand, prices have started stabilizing, looking
at the development in the daily chart. The coin is steady above
$39,500, rejecting the intense selling pressure of January 22.
Feature image from Canva, chart from TradingView
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