- Bitcoin could begin another bull rally ahead of its upcoming halving.
- Metrics and indicators pointed to the possibility of a bull run.
Bitcoins [BTC] The price finally showed signs of a bull rally after days of consolidation. The price action of the king of cryptos turned bullish at a time when he expected the next halving in a few days.
Bitcoin is becoming volatile
After several days of sluggish price action, BTC bulls recently made a move that allowed the king of cryptos to record gains.
Accordingly CoinMarketCapBitcoin is up more than 2% in the last 24 hours, helping it slowly approach the $70,000 mark.
At the time of writing, BTC was trading at $69,497.75, with a market cap of over $1.37 trillion.
The price increase raised expectations for the coin, and for investors, the possibility that BTC could revisit its previous ATH of $73,000 seemed likely.
In fact, Mags, a popular crypto analyst, recently published one tweet He mentioned that the first half of BTC’s bull rally is over and the company is about to enter its second innings.
If this is true, BTC might as well hit a new high before its upcoming halving. According to the tweet, BTC’s ATH could be around $350,000.
What the measurements suggest
Since the $350,000 target seemed quite ambitious, AMBCrypto planned to take a look at the metrics of the king of cryptocurrencies to see what to expect in the near future.
Our analysis of CryptoQuant Data revealed that its foreign exchange reserves were decreasing, meaning buying pressure on the coin was high.
Its binary CDD was also green, meaning long-term holders' movements over the past seven days were below average.
Source: CryptoQuant
AMBCrypto then analyzed BTC’s daily chart to determine whether an uptrend was inevitable. We found that BTC needs to rise above the $71,000 resistance to initiate an upward rally.
The possibility of this happening is likely as the Relative Strength Index (RSI) is seeing an increase. However, nothing can be said with certainty as MACD showed a bearish market edge.
Source: TradingView
A quick look at the upcoming halving
All of this came at a time when BTC was anticipating the next halving, which will take place in about 12 days as of press time.
The halving will gradually reduce the available supply for trading over the next four years, with an estimated impact of around 6%.
To read Bitcoins [BTC] Price prediction 2024-25
AMBCrypto then took a look at the BTC mining sector to see how miners behaved before the halving.
We noticed that BTC's hash rate remained relatively high over the last month, which is due to a stable number of miners operating in the ecosystem. At press time, BTC’s hashrate was 656.61 EH/s.
Source: Coinwarz
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