Bitcoin (BTC) reclaimed $69,000 after a 2-day break and is now trading at $69,001. In particular, the increase in selling pressure around $ 70,000 prevents Bitcoin from moving even higher. Although Bitcoin tested $ 70,000 5 times in the last two weeks, it failed and then fell back. It seems like it is preparing to test it again today, but the $70,000 resistance still looks very strong. It is difficult to know whether it will break it in the short term, but I think it will break it eventually.
Bitcoin still looks very cheap according to the halving progress chart, but its current price is still similar to historical data. When we look at the chart above, it seems that it moves in a similar way to the 2012, 2016 and 2022 halving periods. And according to previous data, it seems that the halving enthusiasm has started in about 1 or 2 years. And I believe it will reach the HODL line in 2024 or 2025.
According to current data, the HODL line points between $ 135,616 and $ 186,717. And I think we may see these prices within a year.
In the short term, Bitcoin may fall even lower, frankly it is very difficult to know what its price will be in the short term, but I believe that it will eventually start to discover new peaks. Additionally, although retail investors are selling, institutional investors continue to buy Bitcoin, and I expect there will be more inflows into the crypto market towards the end of 2024. So I hope the halving excitement can start this year.
Thank you for reading
@rtonline
This is not investment advice, I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.
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