Bitcoin at $67K can hit new ATH before halving ONLY IF…

• BTC’s worth elevated marginally within the final 24 hours.
• Indicators and metrics counsel a drop in worth quickly.

Bitcoin’s [BTC] worth has been in a consolidation part for weeks underneath its new ATH. If the most recent information is to be believed, then this development would possibly last more, and buyers may not see BTC attain new highs till the halving. 

Bitcoin to stay sluggish 

AMBCrypto reported earlier how BTC’s worth plummeted underneath the $66k mark. The drop in worth triggered $200 million price of liquidations throughout the board within the cryptocurrency market.

Nevertheless, Bitcoin did present some indicators of restoration as its worth jumped above $66k. Based on CoinMarketCap, on the time of writing, BTC was buying and selling at $66,277.96 with a market capitalization of over $1.3 trillion, with the crypto anticipated to quickly climb to at the very least $67,000. 

However buyers mustn’t get formidable, because the development may not final.

Michael Van de Poppe, a preferred crypto analyst, lately posted a tweet highlighting BTC’s state. As per the tweet, BTC was consolidating, and he didn’t anticipate BTC to the touch a brand new ATH earlier than the upcoming halving occasion.

For initiators, the subsequent BTC halving is scheduled to occur in 15 days, which can scale back BTC’s issuance price and miners’ rewards. In truth, Poppe’s evaluation additionally talked about the opportunity of BTC plummeting to $60k–56k this summer season. 

Is $60k BTC’s assist?

Aside from the evaluation, AMBCrypto’s take a look at CryptoQuant’s data additionally identified fairly a number of bearish metrics that hinted at a worth drop.

For example, BTC’s internet deposit on exchanges was excessive in comparison with the final seven-day common, suggesting that promoting strain on the coin was excessive.

Supply: CryptoQuant

Bitcoin’s aSORP was purple. This meant that extra buyers have been promoting at a revenue. In the course of a bull market, it might probably point out a market high. Moreover, promoting sentiment amongst Korean buyers was additionally excessive, which was evident from its purple Korea Premium.

To verify whether or not a downtrend is inevitable, we then checked Bitcoin’s day by day chart. We discovered that its MACD displayed a bearish crossover.

The Cash Stream Index (MFI) registered a downtick, hinting at an extra worth plummet. Nonetheless, the Bollinger Bands revealed that BTC’s worth was in a much less unstable zone, which may prohibit BTC’s worth from falling sharply. 

Supply: TradingView

Learn Bitcoin’s [BTC] Value Prediction 2024-25

AMBCrypto then checked Hyblock Capital’s information to search for assist ranges if a BTC downtrend occurs. We discovered that BTC has sturdy assist close to the $66k mark.

Nevertheless, contemplating previous incidents, if BTC’s worth fails to check that degree, then its worth would possibly plummet to $60k, the place it additionally has sturdy assist.

Supply: Hyblock Capital