Crypto Michael, a cryptocurrency analyst in the crypto space, has recently shared some insights on the possible market trend of the Bitcoin (BTC) price before the halving commences. These insights were shared in a video uploaded on the analyst’s YouTube channel.
According to the recent revelations by Crypto Michael, Bitcoin might be on the brink of a new bull run. In his video, which has garnered over 2,000 views on YouTube, the analyst suggests that the cryptocurrency shows considerable resilience and potential for a surge.
This optimism stems from various indicators and patterns observed in Bitcoin’s price action. It’s not just Bitcoin’s impending rise that Crypto Michael has highlighted.
The analyst also mentions that the altcoin market is warming up for a possible upward trend. The expert believes the significance of this parallel bullish movement for altcoins cannot be underestimated.
It is worth noting that a comprehensive bull market, including both Bitcoin and its altcoin counterparts, could mean significant gains for diversified crypto portfolios.
Diving deeper into his analysis, Crypto Michael predicts a potential Bitcoin price of $45,000 before the much-anticipated halving event next year. A halving is crucial in the Bitcoin network, where miners’ rewards for adding new blocks to the blockchain are cut in half.
This event typically decreases supply and can significantly influence Bitcoin’s price. Historically, the crypto market has experienced bullish trends before and after halvings.
This cyclical behavior has been observed in the past two halvings, with price surges leading up to and following the event. However, the current market dynamics have left investors in a speculative state, pondering if history will repeat itself.
Particularly, Bitcoin has shown a bearish trend over the past month, down by nearly 10%. The asset plunged from its high of $30,000 in late July to as low as trading just above $25,000 on Monday. However, Bitcoin’s price can be seen to show signs of recovery in the past few weeks.
The asset trades above $26,000 at the time of writing, with a price of $26,338 and a market cap of $513 billion today. Notably, Bitcoin’s market cap is currently up by more than $10 billion compared to its recent market cap value of below $500 billion, seen earlier this month.
It is worth noting that while its market cap and price have surged over the past two weeks, the asset’s trading has trended in the opposite direction. Particularly, Bitcoin’s daily trading volume has plunged from the $18 billion seen earlier this month to as low as $10 billion, in the last 24 hours.
Featured image from iStock, Chart from TradingView
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