Analyst Says Bitcoin Is In A ‘Healthier’ Place Now, Here’s Why
12 September 2024 - 3:30AM
NEWSBTC
Bitcoin might be stuck in a downtrend, but fundamental analysis
suggests it is in a healthy position. According to a recent
analysis by crypto analyst Kaleo, Bitcoin is currently putting up
healthier dynamics than it did in the previous halving cycle. This
intriguing outlook for Bitcoin comes amidst the cryptocurrency’s
struggle to stand firm above $54,000 and break above $57,000.
Bitcoin Is In A Healthier Place Kaleo’s Bitcoin analysis, which was
posted on social media platform X, compared the current BTC price
performance since the recently concluded April 2024 halving to its
performance after the previous halving in May 2020. It has already
been 141 days since the last halving, but the BTC price has yet to
perform up to expectations that many expected. Related
Reading: Ethereum In 3 Months: Legendary Analyst Reveals Prediction
For December The analyst highlighted that Bitcoin is currently
trading 19% below its all-time high of $69,434 reached during the
last market cycle. While some may interpret this underperformance
as a sign of a prolonged bearish trend, Kaleo pointed out that
Bitcoin is actually still holding up well. This is because, at the
same time, after the 2020 halving, Bitcoin was already down 46%
from the 2018 top. This historical context reiterates BTC’s
stronger position today despite its current struggles to break
above substantially. At the time of writing, Bitcoin is trading at
$56,616. The lack of sustained bullish momentum since August has
caused several crypto analysts to scale back their once-optimistic
predictions. There have now been many negative and bearish
predictions given the current market situation. However,
Kaleo reminds us of a sentiment similar to that that dominated the
market shortly after the 2020 halving. Back then, negative outlooks
were prevalent. Many market participants expressed doubts and
negative predictions about BTC’s future. Yet, Bitcoin bulls
eventually defied these predictions, driving the cryptocurrency’s
market cap above the $1 trillion level for the first time. This
also triggered a significant rise in the value of many altcoins and
the emergence of new sectors like NFTs. #Bitcoin / $BTC What
if I told you Bitcoin is in a healthier place now than when it was
at the same point post halving last cycle? It’s currently only down
~19% from last cycles top (141 days post halving). In 2020, it was
down ~46% from the 2018 top 141 days post halving.…
pic.twitter.com/tZ0mFey15I — K A L E O (@CryptoKaleo) September 9,
2024 What’s Next For BTC? Kaleo’s analysis suggests that despite
the current pessimism, history might repeat itself, and Bitcoin
will once again rise above market expectations. Furthermore, the
analyst suggests the crypto ecosystem is now in a better place to
support a stronger price surge. Institutional investors, for
instance, are now able to efficiently invest in BTC through Spot
Bitcoin ETFs. Regulatory clarity surrounding the crypto industry
has also improved massively in the last four years. Related
Reading: Crypto Analyst Predicts Dogecoin Will Rise 3,600% To $3.7,
Here’s When Another analyst, Rekt Capital, examined previous
halving cycles and proposed that if history repeats itself, the
next Bitcoin breakout could occur in October, which has
historically been a strong month for Bitcoin. History also shows
that the market peak could occur between 518 and 546 days after the
April halving. Featured image created with Dall.E,
chart from Tradingview.com
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