Bitcoin: Expect The Unexpected – Analyst Sees Unconventional Bull Run Post-Halving

Name	Symbol	Market	Market Cap ($)	Algorithm
Bitcoin	BTCUSD	Crypto	1,133,396,746,837	SHA-256d

Name

Symbol

Market

Market Cap ($)

Algorithm

Bitcoin

BTCUSD

Crypto

1,133,396,746,837

SHA-256d

	Price Change	Price Change %	Current Price	Bid Price	Offer
	-601.74	-1.03%	57,630.30	57,635.99	57,636.00

Price Change

Price Change %

Current Price

Bid Price

Offer

-601.74

-1.03%

57,630.30

57,635.99

57,636.00

High Price	Low Price	Open Price	Prev. Close	52 Week Range
58,526.89	56,903.79	58,384.58	58,237.73	24,750.00 - 73,835.57

High Price

Low Price

Open Price

Prev. Close

52 Week Range

58,526.89

56,903.79

58,384.58

58,237.73

24,750.00 - 73,835.57

Exchange	Last Trade	Size	Trade Price	Currency
GDAX	10:40:41	0.041664	57,635.99	USD

Exchange

Last Trade

Size

Trade Price

Currency

GDAX

10:40:41

0.041664

57,635.99

USD

Price x Volume	Volume	Base Symbol	Related Pairs
236,527,682.00	4,110.98	BTC	BTCEUR	BTCGBP	ETHBTC

Price x Volume

Volume

Base Symbol

Related Pairs

236,527,682.00

4,110.98

Bitcoin: Expect The Unexpected – Analyst Sees Unconventional Bull Run Post-Halving

19/04/2024 3:00am

NEWSBTC

Bitcoin has been moving lower ahead of the Halving event, going against analysts’ expectations. This price action has been unexpected and shows how the coin tends to go against predictions, basically charting its path. Bitcoin Breaking The Mold In light of Bitcoin’s randomness, especially in the past few months following the approval of spot exchange-traded funds (ETFs), one analyst expects the coin to continue defying expectations by clocking in a bull run that defies historical trends. The analyst cites two recent instances where Bitcoin defied expectations to justify this bullish outlook. First, following the rapid expansion in the 2020 to 2021 bull run that saw Bitcoin soar from less than $10,000 to fresh all-time highs of around $70,000, prices sharply contracted in 2022. Related Reading: Bitcoin To $455,000: Expert Echoes Previous Halving Pattern Then, the United States Federal Reserve shifted its monetary policy to curb raging inflation by rapidly increasing interest rates. Following this and other market-related events, Bitcoin prices dipped below the all-time high of the previous cycle of $20,000. By November 2022, prices fell to as low as $15,000, accelerated by the collapse of FTX. This retest of previous highs and fall below $20,000 had never happened before. Another anomaly occurred last month. For the first time, Bitcoin prices expanded and broke the previous all-time highs of around $70,000 before the Halving event. As Bitcoin’s past price action shows, prices only rally to fresh all-time highs after Halving. However, this changed when BTC soared to $73,800, possibly paving the way for bulls to join in and push the coin back to unchartered territory post-Halving. Is BTC Ready For A Multi-Year Rally? With this in mind, the analyst believes Bitcoin will continue uniquely shaping its path, deviating from history. For instance, the analyst thinks BTC will outperform altcoins in the coming months. The analyst adds that increased regulatory scrutiny following high-profile collapses like FTX and Luna could dampen altcoin enthusiasm. Related Reading: Here’s What Would Happen If The Bitcoin Price Fell Below $58,000 The coin will ride on the fact that it is the only one with an ETF from the United States SEC receiving investments. As a result of this capital injection, Bitcoin will likely register a multi-year “up only” phase, just like gold did once its ETF was approved. Prices remain depressed ahead of this. Though prices are increasing at spot rates, the coin is within a bear formation. Currently, BTC has local resistance at around $65,000. Feature image from DALLE, chart from TradingView

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