I wrote this article back on November 20, 2023. Bitcoin increased 17% since then.
I wanted to show how this analysis can help Bitcoin/Crypto investors & traders.
Bitcoin (BTC-USD) is months away from the next halving which is expected to be around April 17, 2024. The halving events have historically resulted in strong price appreciation for Bitcoin and alt coins. While there is no guarantee that strong price appreciation will occur this time, Bitcoin is set up for a strong move higher over the next year and possibly through most of 2025 on a technical basis.
The last Bitcoin halving event in May 2020 resulted in the crypto coin reaching its all-time high of 68,790 in November 2021. This was a significant gain over the low of $3,850 from March 2020. The low point for Bitcoin was probably driven down further by the COVID-19 black swan event in 2020. The price of Bitcoin at the May 2020 halving was $8,590.
Previous halvings also resulted in significant price appreciation for Bitcoin. The first halving drove the price from $12.40 to $1,170 from December 2012 to July 2016. The second halving drove the price from $535 to $19,400 from August 2016 to December 2017. Of course, these large gains were followed by sharp bear markets after the peaks were reached. I find that using the monthly chart can help investors/traders enter and exit Bitcoin to capture and lock in the significant gains that are driven by the halving events.
To view charts & read the remainder of the article click here: Bitcoin: Multiple Time Frame Price Analysis