Okay, Okay, I understand the impatience. After all Bitcoin has claimed back its trillionite jewel that was lost in 'The Blizzard of 2022Bitcoin has not only claimed back $1 trillion marketcap but it also regained +$50k price tag as I mentioned a few days ago. Now with so much seems ready for the Big Bitcoin Bull Run, crypto fraternity is now asking 'wen all time highs'?
Isn't it correct that the impatience for When Bitcoin touches new ATH is largely due to the upcoming halving? It seems that everyone wants to know whether the ATH will be before or after the halving. Anyways, one thing is quite clear that Bitcoin will break the ATH just like it has taken apart the $50k price. Breakouts and corrections would once again prevail before we head towards $70000 for 1 Bitcoin.
I know most of you would love to see Bitcoin surpass $69k within the next month. However that requires everything to line up positively in favour of Bitcoin. Things as minor as 'Gensler Effect' would need to stay away this time and events like US election should forecast a loud Trumpet. Additionally the ETF thing should continue showing inflows.
Now considering historical price data for pre-halving Bitcoin had always gained traction. But when the real date of Halving arrived, Bitcoin had seen some kind of decline in prices only to take it to all time highs post Halving. Take a look.
So the history suggests that ATHs had never been broken in pre Halving period on last three occassions.
Can it be this time? Yes, if the institutional investors show an unwavering faith as they have shown till now. After a few days of hesitation, institutions have led the momentum and within less than a month Bitcoin rebounded 30%. (Thanks to ETFs again.)
The current Bitcoin price is sitting at nearly $52000 and to breach the ATH it only require to upscale a 33% from here. Can this happen? Yes, only given the inflows continue showing on the charts of these institutions.
So, it isn't a coincidence that these daily inflows in Etfs are affecting the price movement of Bitcoin.
Another promising factor is the reserve of CEXes which is continuously going down. This suggests that Bitcoin is not having anu selling pressure and the difference suggests that people are more prepared than they were a few years ago. The same can be said for the miners.
Yes, currently everything is suggesting that the ATH would be before the Halving but remember what I said in the starting. If anything fails, Bitcoin will sharply correct +10% from any price. Be prepared for that scenario as well.
At last a bit of disclaimer: While the projection for a possible all time high for Bitcoin before the Halving seems quite promising, it's better you do your own research as 'this isn't a financial advice' and also it should be taken as 'Not so technical analysis
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