Analysts are warning that Bitcoin (BTC) could suffer a similar bearish fate as Litecoin (LTC) in the upcoming halving report.

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• Bitcoin’s price rally in 2023 has been more influenced by macroeconomic events and its correlation with US tech stocks than by the period since the last BTC halving.

• Renowned analyst Ali Martinez is forecasting a stable long-term BTC uptrend, while TradingShot highlights a golden cross pattern signaling a possible move higher to $69,000.

Before the Litecoin halving, the price surged to a multi-month high, and the actual halving acted as a buy the news, sell the rumor situation. Subsequently, the LTC price fell sharply. NECESSARYa bitcoin company, predicts a similar weakening trend during the upcoming BTC halving.

The bitcoin halving is a highly anticipated milestone for traders and market participants. This happens every four years and stops the mining reward for one block of BTC, effectively reducing the circulating supply. Traditionally, this has resulted in higher prices due to reduced supply, but experts have noticed a trend reversal.

The potential of a BTC halving The effect as a bullish catalyst for its price is diminishing. NYDIG experts observed weaker trends in low-to-high and high-to-low yields over the past two halving cycles. Litecoin, created by forking the Bitcoin blockchain, also showed a similar pattern.

In the case of Litecoin, the last two halvings failed to trigger a price rally. Instead, they caused LTC’s market cap to fall as the price fell after the event. In 2023, macroeconomic events and Bitcoin’s correlation with US tech stocks have impacted Bitcoin’s price rally more than in the period since the last BTC halving.

Suppose halving events no longer have the same impact on the rise in BTC prices. In that case, investors will likely be closely monitoring macro events and Bitcoin’s correlation with stocks to understand the future direction of the asset.

Stable uptrend predicted: insights from crypto analyst Ali Martinez

Bitcoin (BTC) is in a robust consolidation phase and is hovering around the $29,000 level, causing uncertainty among investors restrained price volatility.

Still, on-chain data shows a positive trend in Bitcoin’s network activity. Despite the recent correction in BTC price from $32,000 to $29,000, the number of new Bitcoin addresses continues to increase. According to renowned crypto analyst Ali Martinez:

“This bullish divergence between price and network growth suggests a stable long-term BTC uptrend. Buy the dip!”

Even as #Bitcoin fell from $32,000 to $29,000, the number of new $BTC addresses kept increasing!

This bullish divergence between price and network growth suggests a stable long-term #BTC uptrend. Buy the dip! pic.twitter.com/Xp9MhtzsT3

— Ali (@ali_charts) August 7, 2023

Additionally, other on-chain indicators are also pointing to bullish momentum for Bitcoin. Martinez clarifies that key BTC oscillators including MVRV, aSOPR, Puell Multiple and Reserve Risk remain above the 0 line. This suggests that the current price correction may just be a temporary “spike” rather than a significant downturn.

TradingShot Golden Cross Analysis: Bitcoin Shows Promising Signs Of Bull Rally

On Aug. 4, a crypto trading analyst named TradingShot published a post on X, highlighting that Bitcoin recently surpassed the Golden Cross indicator for the third time in history. This development could mark the start of a new bull rally and potentially propel Bitcoin to another record level.

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#BTC just formed a Golden Cross on the 3D timeframe. The last two times it completed this pattern, the MA200 provided support for a new all-time high rally!
Is this Bitcoin’s golden ticket?

Full description on our Telegram channel:
👉 https://t.co/wO62aWJDOK#Bitcoin #BTCUSD… pic.twitter.com/a0WSdo0wsM

— TradingShot (@TradingShot) August 4, 2023

The golden cross pattern occurs when a short-term moving average, such as the 50-day moving average, crosses a long-term moving average, such as the 200-day moving average. This signals a favorable trend for the cryptocurrency. In the past, during the previous two Gold Cross cases, that was BTC price experienced significant rallies shortly thereafter.

Based on previous golden cross cycles, TradingShot indicated that the next target for bitcoin price would be its current all-time high of $69,000. In his opinion, it’s reasonable to assume that Bitcoin could hit that peak around the same time next year.

It’s worth noting that the particular circumstances of the March 2020 COVID-19 crash, which resembled a Black Swan event, temporarily disrupted the usual pattern. Experts believe that the upcoming Bitcoin halving in 2024 could start a new market cycle. However, in the short-term, there are concerns that the bitcoin price could fall below $29,000.

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