Bitcoin experienced a price decline of 3.06% on Friday, falling as low as $60,372.36 based on data from CoinMarketCap. With the crypto market leader now in a consolidation phase, a trading analyst with X username Titan of Crypto has expressed resilient faith in Bitcoin’s ability to produce a post-halving price rally.

Related Reading

Bitcoin Rise Inevitable, Analyst Pinpoints $150,000 Price Target

In a series of X posts on Friday, Titan of Crypto shared some interesting bullish predictions on the Bitcoin market. Firstly, the analyst noted that amidst BTC’s price decline, the token’s price pattern on the daily timeframe had formed a bullish signal.

Titan of Crypto referred to this signal as the bullish engulfing candle which occurs when a larger bullish candle completely emerges from the previous smaller bearish candle, thus indicating a potential reversal from a downtrend to an uptrend.

Following these observations, the analyst also predicted Bitcoin to soon experience a massive post-halving price gain. Titan of Crypto described this forecast as “inevitable” citing data from Bitcoin’s price history.

The crypto analyst said: 

To understand the present you have to search in the past. And what the past is telling us is there is no occurrence of #BTC  not having a rally after the halving.

Titan of Crypto also acknowledged that short-term price movements may be “confusing” however he expects BTC to maintain an upward trajectory in the long room. Based on previous post-halving rallies, Titan of Crypto predicts Bitcoin to trade at $150,000 in 2025.

Related Reading

BTC Close To Bottom Price As Dip Buy Interest Drops

In other news, blockchain analytics website Santiment also predicts the recent downturn in Bitcoin’s price could soon end stating the token is near a “bottom” i.e. the lowest point in a market fall at which price stops falling and starts rising exponentially.

Interestingly, this prediction by Santiment is based on a decline in the dip-buying activity of Bitcoin investors. The analytics platform reports that the trading interest in Bitcoin following its most recent decline on Friday is far below levels associated with previous price falls.

At the time of writing, Bitcoin continues to trade around $60,968, with an overall price loss of 3.26% in the last week. On the monthly chart, the digital coin also remains in the red zone, reflecting a decline of $13.64%. However, Bitcoin’s daily trading volume remains positive by 9.73% and $27.88 billion. 

Bitcoin

BTC trading at $60,922 on the daily chart | Source: BTCUSDT chart on Tradingview.com

Featured image from Investopedia, chart from Tradingview

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *