In the range for more than a month, Bitcoin seems on the verge of triggering its next big move. So in which direction will he go as his halving approaches? The point in this BTC analysis from Friday April 12, 2024.
It is Friday April 12, 2024 and the price of Bitcoin (BTC) is moving around $70,800.
While the halving is fast approaching (in about 7 days), the price of BTC has already been holding around $70,000 for more than a month.
So will cryptocurrency take off again in the coming days? Let’s first take stock of its progress.
Bitcoin back in the green this week
Despite a lack of volatility, BTC is about to close its week in the green with an increase of +7.05% over the last 7 days.
| Pairs with Bitcoin | 24 hours | 7 days | 1 month |
| Bitcoin/USDT | +0.09% | +7.05% | -1.85% |
| ETH/Bitcoin | -1.05% | +8.42% | -9.18% |
The dominance of BTC against altcoins continues to rise to 54.82% while ETH/BTC increased by 8.42% over the week.
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As we analyzed previously, Bitcoin broke a compression triangle from above. While it has been stuck between $62,000 and $72,000 for many weeks, will it finally set off again towards new price records?
For the moment, the bullish scenario is in any case activated, with a target set at around $85,000.
Bitcoin price graph in h4 (4 hours)
This level corresponds to the height of the triangle reported at the location of its breakout, and it could well be reached in the coming weeks.
The configuration is in fact still bullish, with the triangle, the cloud, the Tenkan (turquoise) and the Kijun (purple) as supports. The objective will also remain valid as long as the price remains above the yellow pattern.
In the event of a return below the triangle, towards $65,000, then the short-term upward trend will be called into question with a risk of correcting lower towards $55,000.
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Cryptoast Research: Don’t waste this bull run, surround yourself with expertsIn summary, Bitcoin is still bullish and expected to reach new price records in the coming weeks.
So what effect will the halving have on the price of BTC in your opinion? Don’t hesitate to give us your opinion in the comments.
Have a nice day and we’ll see you next week for a new analysis of Bitcoin (BTC).
Source: BTC/USD chart by TradingView
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Passionate about cryptocurrencies since 2017 and fervent defender of knowledge sharing, I am a YouTuber, crypto analyst and regular trader. Every week, my role is to make you aware of technical analysis by giving you my point of view on the evolution of the price of Bitcoin and Ether, using my favorite indicators such as Ichimoku as well as Chartist patterns.
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