Things have been very quiet on the crypto market in the last few days, which doesn’t stop at Bitcoin either. Based on five days, Bitcoin is only up 0.03 percent without any significant increases. But is this just the calm before the big storm? According to most crypto experts, there is only one answer to this question.
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Bitcoin – Little movement on the crypto market
If you look back at the initial price of Bitcoin this year, it is around 2.8 percent lower. After a strong start in the first few days and touching the $47,000 mark, it briefly fell to $39,500. Although Bitcoin has been able to recover slightly in the past few days and is currently hovering around the $43,000 mark, there is not yet much sign of a possible optimism.
The market capitalization of Bitcoin is currently $845 billion, which is approximately the market capitalization of Meta Platforms. In comparison, other altcoins such as Ethereum have shown very similar performance over the last few weeks. The question that arises at the moment is whether there will soon be a new price rally or whether it could even go steeply downhill?
The technical indicators at a glance
If you want to make a statement about the future development of Bitcoin or other cryptocurrencies, then the technical indicators should always be included. One of the most important indicators in this context is the Relative Strength Indicator (RSI). However, over a period of one day, little movement can be seen. With a value of 54, there is neither an overbought nor an underbought market. Even smaller time periods do not show a significantly different situation. However, it should be added that there has been a significant increase in the time unit of one hour in the last few days, from around 30 to currently 53. This indicates a significant increase in demand on the part of buyers.
In addition to the RSI, the Bollinger Bands show a recent bounce on several time frames at the lower band. The upper band is still a long way away, which means that further upward movement is likely. Additionally, the 200-period simple moving average is still below the current price. The larger the time unit, the greater the distance to the SMA.
Many factors point to an imminent outbreak
In addition to the currently subdued signals from the technical indicators, a variety of external factors point to an imminent rise in Bitcoin. A crucial reason is the upcoming Bitcoin halving event, which is also the most important event in the crypto market. In the past, a Bitcoin halving event was always associated with a new all-time high, which was significantly higher than the existing one. If history repeats itself over the last few years, we will see a significant price increase in the coming months, ending well above $69,000. Under these conditions, a price of $100,000 or more is within reach. According to current status, the halving will take place on April 22nd.
In addition, profit-taking has decreased significantly after the high at the beginning of the year. After Bitcoin continued to rise and the first price losses occurred, various Bitcoin holders cashed in on their profits from the last few months. For example, anyone who bought in December 2022 while Bitcoin was suffering massive losses has made around 180 percent profit over the past year. It is also expected that the Bitcoin spot ETF will gradually increase demand due to the now uncomplicated access from institutional investors.
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This is how crypto experts see Bitcoin
While the indicators are still cautious, but various facts point to a significant increase in Bitcoin, it is worth taking a look at the crypto experts’ assessments and forecasts. A well-known crypto expert and also a major investor is Michael Saylor. If things go his way, then Bitcoin will have a fantastic performance over the course of the year. He recently cited the introduction of the Bitcoin spot ETF in conjunction with the shortage of Bitcoin supply due to the halving as decisive factors. A new all-time high is therefore more than likely.
One of the largest asset managers sees the future of Bitcoin very similarly. We are talking about the renowned asset manager VanEck. The analysts cited the Bitcoin spot ETF and the upcoming halving event in April as the key reasons for the optimistic assessment. A new all-time high could therefore occur during the fourth quarter, based on the behavior pattern of the past few years. SkyBridge Capital agrees seamlessly and also makes a bullish forecast for the current year, in conjunction with a new all-time high.
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