- In the long-term perspective, Bitcoin continues to trade under bullish influence. Despite short-term price fluctuations, the leading crypto maintains a strong upward trend.
- Despite the bullish outlook for Bitcoin, the likelihood of the price displaying another bull run similar to 2020-21 is low.
- It is important for the Bitcoin (BTC) price to maintain a higher trend, while the halving and spot ETF can act as powerful catalysts.
Bitcoin (BTC) is attempting to strengthen above $38,000, but it is still far from the analyst’s view of the pre-halving peak!
What Dollar Amount is Bitcoin Aiming for Before the Halving?
In the long-term perspective, Bitcoin continues to trade under bullish influence. Despite short-term price fluctuations, the leading crypto maintains a strong upward trend. However, the price has not yet reached specific levels, so the speed of the upcoming bull run remains uncertain.
Bulls had previously displayed a more optimistic outlook leading up to the Bitcoin halving. Buying pressure had rapidly accumulated, lifting the price from interim lows to pre-halving highs in a short timeframe. Unfortunately, according to a popular analyst, the token is currently exhibiting a diverse trend as it failed to secure pre-halving highs.
Referencing the chart above, the analyst believes the price has not reached the pre-halving peak, which is approximately a level up to $48,000, about 30% below the previous peak. Therefore, the expectation is that the price will move to this level in the upcoming rally, potentially pushing it above $50,000. However, the analyst also warns that after reaching a new all-time high, BTC price may experience a ‘halving bottom’:
“The pre-halving peak has not been reached yet. We are targeting $48K-$50K. A new ATH after the post-halving bottom.”
May not resemble the previous bull run
Despite the bullish outlook for Bitcoin, the probability of the price displaying another bull run similar to 2020-21 is low. The current scenario is entirely different, as the crypto space is now subject to various regulations. Moreover, a significant decrease has been recorded in trading volume, users, and exchanges. Therefore, it is essential for Bitcoin (BTC) to maintain a strong upward trend, with the halving and spot ETF potentially acting as powerful catalysts.
