After the Bitcoin halving, the altcoin market saw a significant price increase, while Bitcoin (BTC) did not fluctuate much. However, based on historical data, it is likely that Bitcoin will turn bullish.
Therefore, it is necessary to analyze the situation of BTC to understand what might happen a few days after the halving.
Bitcoin has shown stability following the anticipated halving. In the few days after the halving, while many were waiting, altcoins began to increase in price, reaching double-digit growth. Meanwhile, Bitcoin does not fluctuate much because it does not increase in price sharply.
According to information from CoinMarketCap, Bitcoin has increased 2% over the past 24 hours, reaching a trading level of 65,488 USD and a market capitalization of more than 1.28 trillion USD at the time of writing.
However, there is something more interesting, because Bitcoin has had similar manifestations in the past. Rekt Capital, a famous cryptocurrency analyst, shared about the past events via a tweet.
The dip around the Halving isn't what you remember at the end of the cycle$BTC #Bitcoin #BitcoinHalving2024 pic.twitter.com/fvjSpJpygp
— Rekt Capital (@rektcapital) April 20, 2024
According to the tweet, Bitcoin’s price remained stable during the halving months of 2020 and 2016. This suggests that investors may see less volatility this April.
However, a change in trend can be seen in May and June, as in the past, Bitcoin prices have tended to increase sharply following halving months. So, it seems that the chances of Bitcoin ending Q2 on a positive note are quite high.
Short-term developments
In the short term, if history repeats itself, we could see volatility in Bitcoin (BTC) over the next month. Here’s what investors can expect in the near future.
Source: CryptoQuant
Data analysis from CryptoQuant shows that BTC exchange reserves are decreasing, a sign that buying sentiment is increasing. Cryptocurrency’s binary CDD king also pointed out that over the past week, movements among long-term investors were lower than average, suggesting they have an incentive to hold on to cash. US investor buying sentiment is also on the rise, as evident by the green Coinbase Premium. This shows confidence in BTC and expectations of price increases in the near term.
Related: Bitcoin Rises to $65,000 Just Hours Before Halving
To predict BTC’s direction in the coming week, we can look at its daily chart. According to our analysis, BTC price may continue to move in the parallel channel between the historical high and $61k. The Money Flow Index (MFI) is moving sideways below neutral, suggesting a slow move over the next few days. However, the MACD is showing the possibility of a bullish crossover, and if this happens, it could cause volatility for BTC.
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