The post Bitcoin Yet to Reach the Pre-Halving Highs: When Will the BTC Price Reach $50,000? appeared first on Coinpedia Fintech News
In the longer time frame, the Bitcoin price continues to trade under bullish influence. The star crypto maintains an elevated trend regardless of the short-term price variations. However, the price has not yet reached some specified levels, due to which the pace of the upcoming bull run may remain uncertain.
Previously, the bulls had displayed extreme strength as they appeared to be more excited about the upcoming Bitcoin halving. The buying pressure accumulated quickly, offering the price a lift from the interim lows to the pre-halving high in a very short time frame. Unfortunately, the token has displayed a diverse trend at the moment as it fails to secure the pre-halving highs, as per a popular analyst, Stockmoney Lizards.
Referring to the above chart, the analyst believes that the price has not reached the pre-halving peak, which is around $48,000, nearly 30% below the previous highs. Therefore, the next upswing is expected to lift the price to this level, which in turn could propel it above $50,000. However, the analyst also cautions his 97.1K followers that the BTC price may undergo a ‘halving dip’ after reaching a new ATH.
“Pre-halving peak not reached yet.
We target 48K-50K. New ATH after the post halving dip,”
Despite being bullish on Bitcoin, it is unlikely that the price may display another 2020-21-like bull run. The scenario is completely diverse now, as the crypto space has been bound by numerous regulations. Moreover, a notable drop has been recorded in trading volume, users, and exchanges. Therefore, maintaining an elevated trend is very important for the Bitcoin (BTC) price, while the halving and spot ETF may act as strong catalysts.
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