Bitcoin Price Prediction: Top Trader Sees BTC Halving to $30,000 Before Surge to New ATH in Q4, Experts Say This Cloud Mining Pre-Sale Could Multiply by 10X.
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Top traders expect BTC to halve to $30,000 before the new ATH begins in the fourth quarter.
Bitcoin price has fallen slightly over the past 24 hours to trade at $42,722 as of 1:20 AM EST.
Trading volume rose 30% over the same period, as top traders said BTC would test investors before reaching new highs.
In a market update on February 2, the DecenTrader trading suite said that Bitcoin price is showing classic “halving” behavior and will likely punish bulls before heading towards new all-time highs. With this, CEO and co-founder Filbfilb emphasizes that investors should expect buying pressure to increase two months before the halving, estimated on April 24.
Bitcoin market update. https://t.co/jYtMqXTXWA
— filbfilb (@filbfilb) February 2, 2024
Traders expect BTC to reach a new ATH in the fourth quarter of this year after plummeting to $30,000 in the months following the halving.
Meanwhile, Bitcoin price is still trading horizontally below the foothold of the rising trend line. Indirect pressure is mounting and BTC is facing immediate resistance due to the 50-day simple moving average of $42,987.
Bitcoin price outlook as BTC trades horizontally
Bitcoin price appears poised to collapse, considering that the Relative Strength Index (RSI) will soon send a sell signal. This happens when it crosses below the signal line (yellow band). The Awesome Oscillator (AO) indicator also tilts the odds in favor of the bears as its histogram bar blinks red. The same bearish outlook is indicated by the Moving Average Convergence Divergence (MACD) inching into negative territory.
While the horizontal movement shows indecisiveness, technical indicators show that the market is in favor of a downtrend. If bears take over the market, Bitcoin price could move lower to test the $40,726 support confluence between the 100-day SMA and the horizon.
A prolonged decline could push Bitcoin price into the demand zone between $38,496 and $39,895. A break below the midline of this order block at $39,196 would confirm the continuation of the downtrend.
In a worst-case scenario, Bitcoin price could test the $37,800 support level, below which we could see BTC roll over to $30,000. This move would mean a 30% decline from current levels. A break and close below this level will invalidate the prevailing bullish trend.
TradingView: BTC/USDT 1-day chart
converse case
On the other hand, the bulls’ re-entry could see Bitcoin price overcome the resistance caused by the 50-day SMA of $42,937. This will set the pace for expansion northwards to tackle the $43,750 blockade. Removing this obstacle will allow Bitcoin price to regain the support provided by the rising trend line and focus on $48,000.
In a very optimistic case, Bitcoin price could target $50,000, nearly 17% above current levels. Meanwhile, smart investors see the current state of Bitcoin price as an opportunity to buy low.
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— Aqua (@PayneResidence) February 1, 2024
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BTCMTX can be purchased for $0.0132 and the price will increase within 5 days. To date, pre-sale sales have reached more than $10.28 million of the $10.928 million target.
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Now is your last chance to take advantage of this affordable item. Purchased BTCMTX tokens can be claimed after the final phase of the project pre-sale ends.
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— Bitcoin Minetrix (@bitcoinminetrix) February 2, 2024
You can also join the project’s social media communities for timely updates.
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Also read:
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