After reaching a record high, Bitcoin (BTC) has seen fluctuations in its price, with the market eagerly awaiting the next move as various factors, including the upcoming halving event, support the leading cryptocurrency.
One crypto trading expert, Trading Shot, recently analyzed Bitcoin’s potential price targets in a TradingView post dated March 7, drawing insights from the historical patterns observed since November 2022. According to the expert, Bitcoin has followed a consistent pattern of a significant surge of approximately 100%, followed by a triangle formation signaling the peak of the rally. This is typically followed by a 20% decline in a downward channel.
Based on this analysis, the analyst projected a further 96.43% increase in Bitcoin’s price, mirroring previous waves, with a correction of approximately 20% expected to bring the price down to around $60,000.
The recent high volatility in Bitcoin’s price over the past few days resembles patterns seen before previous peaks. The expert suggests that if Bitcoin continues to follow these patterns, a rise of around 96.43% to $75,500 could be expected, with a subsequent -20% correction coinciding with April’s halving event.
Following Bitcoin’s recent surge to an all-time high, driven in part by the introduction of spot Bitcoin exchange-traded funds (ETFs), and with the upcoming halving event drawing closer, the market is abuzz with anticipation. Bitcoin halvings, occurring every four years, have historically impacted Bitcoin prices due to the reduction in mining rewards and the subsequent scarcity effect.
The current record high is significant, as Bitcoin has previously gone on to achieve new peaks after halving events. This may suggest that the market is in the midst of an earlier, sharper bull cycle that could be followed by a correction.
Despite concerns about a 10% correction following the all-time high, sentiment seems positive as buy-the-dip calls spiked after the drop, indicating strong market support.
At the time of writing, Bitcoin is valued at $66,804, with a 1.3% daily gain and a 6% increase over the past seven days. However, uncertainty remains regarding Bitcoin’s future trajectory, as factors like increased profit-taking could lead to potential losses.
Please note that the content provided here is not investment advice, and investing in cryptocurrencies carries risks. Make sure to do thorough research before making any investment decisions.
