Price of Bitcoin Rebounds after the Halving, Where will it go Next?
The price of bitcoin (BTC) is showing strength since the halving, the halving of its issuance every four years that occurred three days ago.
Since this event, the price has hit higher lows, maintaining resistance at $66,000 (USD), which it managed to break higher today. In this way, it formed an ascending technical triangle, a figure that usually culminates with an increase as it materialized.
This was highlighted by the trader known as Crypto Rover through the following graph, displaying this movement as a positive signal. According to his visio, the next objective of the bitcoin market will be to recover USD 68,000. At the moment, the currency is trading at USD 66,000
“Any 20% correction in this bitcoin bull market is a perfect buying opportunity,” the trader commented on the movement. He maintains that this type of decline does not mean that the rise is over, but that it will continue until the target price of at least USD 100,000 is reached.
Precisely, the currency fell 20% from its all-time high (ATH) of USD 73,700 recorded a month ago to USD 60,000-58,600, from where it rose, forming this zone as support
Bitcoin is seen in the run-up to historic bullish trends
Analyst Willy Woo highlighted today that “bitcoin's exponential bull run has not yet begun,” according to various analyses. He bases this on on-chain investment volume, cost basis of buying and selling long-term stored coins.
As shown below, these metrics are as they were previously shown in past bitcoin bull runs.
Meanwhile, other analysts such as Juan Rodríguez, have projected a possible period of lateralization or decline for bitcoin before continuing the upward trend. The arguments for this lie in the macro winds that can discourage risk-taking, such as the conflict in Israel and persistent inflation. According to reports from the research firm CoinShares, investment funds in bitcoin culminated last week for the second consecutive time with capital outflows.
Therefore, a change in behavior these days will be crucial to sustain the currency's rise.
Historically, the halving has driven bullish months for bitcoin for about a year, so if history were to be shared, the currency would reach new price records between 2024 and 2025.
