Bitcoin bulls still in charge driving BTC price to $30,000 by end of March, regulatory fudge will pass
- Bitcoin price has been rising since the calendar turned despite the weekly death cross that happened earlier last week for the first time in history.
- Historically, the Bitcoin price has risen exponentially a few months after the halving event, which is expected in mid-April next year.
The Bitcoin market has consolidated $23ki in February compared to a 40 percent increase in January. With looming global cryptocurrency regulation, cryptocurrency traders have been observed taking profits at higher prices in recent times. According to on-chain research firm Santiment, several Bitcoin and Ethereum traders have sold their coins at a loss in the past week. Nevertheless, long-term holders have been observed stashing more coins and transferring their digital assets to non-custodial wallets.
The Bitcoin market has outperformed traditional stocks, including the Nasdaq and the S&P 500, in gains over the past year. Moreover, more institutional investors and countries have focused on the digital asset industry, where Bitcoin has the highest dominance at approximately 42 percent.
Take a closer look at Bitcoin analysis
Bitcoin price has been rising since the calendar turned despite the weekly death cross that happened earlier last week for the first time in history. A death cross involves the 50 and 200 MAs, where they intersect to form a resistance trendline. Nevertheless, BTC/USD daily timeframe has registered a golden cross which has significantly strengthened the bull thesis. Moreover, the Bitcoin price has formed higher highs and higher lows on the daily time frame, which is significantly considered as an uptrend.
After recovering from the $25k level separately for the past two weeks, Bitcoin bulls will need to trade at this resistance zone before continuing towards $30k. A breakout towards $30k is very plausible based on a historical study after Bitcoin bottomed during the bear markets.
However, the daily RSI indicator – a widely used crypto trading indicator – has depicted a possible Bitcoin correction in the coming weeks. Notably, with the Bitcoin price forming possible double tops on the daily timeframe, the daily RSI has indicated a bearish divergence. In addition, the daily RSI is retesting the 50-point level, whereby a further drop could indicate an impending price correction.
Notably, the Bitcoin price is about a year away from the halving event, which cuts the market supply in half. With the demand for more Bitcoins increasing, the overall effect is expected to rejuvenate the bulls.
March is just around the corner
Historically, #BTC has broken out past its Macro Downtrend around 366-396 days before the halving
In March, there will be ~396 days before the halving$BTC #Crypto #Bitcoin pic.twitter.com/RkZhUjAxJc
— Rekt Capital (@rektcapital) 26 February 2023
No spam, no lies, just insight. You can unsubscribe at any time.
Historically, the Bitcoin price has risen exponentially a few months after the halving event, which is expected in mid-April next year. Meanwhile, crypto asset analysts predict a multi-quarter consolidation will occur, serving as the base for the next bull market. As a result, volatility on both sides is expected to increase over the coming months.
Crypto News Flash does not endorse and is not responsible or liable for any content, accuracy, quality, advertising, products or other material on this site. Readers should do their own research before taking any action related to cryptocurrencies. Crypto News Flash is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned.
