Key Points
- Bitcoin shows signs of a bull rally ahead of its upcoming halving.
- Metrics and indicators support the possibility of a bull run.
Bitcoin’s [BTC] price is showing bullish signs after a period of consolidation. The price movement comes just ahead of the cryptocurrency’s next halving event.
Bitcoin’s Bullish Trend
After several days of slow price movement, Bitcoin’s bulls have made a move, resulting in gains for the cryptocurrency. According to CoinMarketCap, Bitcoin’s price increased by more than 2% in the last 24 hours, pushing its value towards the $70k mark.
At the time of writing, Bitcoin was trading at $69,497.75 with a market capitalization of over $1.37 trillion. This price increase has sparked expectations for the cryptocurrency, with some investors predicting it could reach its previous all-time high (ATH) of $73k.
Crypto analyst Mags recently tweeted that the first half of Bitcoin’s bull rally was over, and the second half was about to begin. If this prediction holds true, Bitcoin could reach a new ATH before its upcoming halving. The tweet suggested that Bitcoin’s ATH could be around $350k.
Bitcoin’s Metrics and Indicators
Despite the ambitious $350k target, data from CryptoQuant reveals that Bitcoin’s exchange reserve is decreasing, indicating high buying pressure. Additionally, its Binary CDD was green, suggesting that long-term holder movements in the past week were lower than average.
An analysis of Bitcoin’s daily chart indicates that for a bull rally to start, the cryptocurrency needs to break the $71k resistance. The Relative Strength Index (RSI) shows an uptick, suggesting this is a possibility. However, the MACD shows a bearish advantage in the market, adding a degree of uncertainty.
All these developments are unfolding as Bitcoin approaches its next halving, which is expected to occur in about 12 days. The halving will gradually reduce the available supply for trade over the next four years, with an estimated impact of around 6%.
Looking at Bitcoin’s mining sector, it appears that miners are maintaining their activities ahead of the halving. Bitcoin’s hashrate remained relatively high last month, indicating a stable number of miners in the ecosystem. At the time of writing, Bitcoin’s hashrate was at 656.61 EH/s.
