Bitcoin is once again challenging historical trends before the halving in 2024.

Ritu13

"Bitcoin may start another bull run before the upcoming halving. Indicators and metrics support the possibility of a bull market.

After several days of consolidation, signs of a bull market have finally emerged in the price of Bitcoin (BTC). The price trend of the king of cryptocurrencies is expected to be bullish in the days leading up to the next halving.

Bitcoin's Volatility Begins
After experiencing a few days of subdued price movements, the bulls have recently taken action, resulting in gains for the king of cryptocurrencies.

According to data from CoinMarketCap, Bitcoin has risen by over 2% in the past 24 hours, helping it approach $70,000.

At the time of writing, BTC's trading price is $69,497.75, with a market capitalization exceeding $1.37 trillion.

The price increase has sparked expectations for Bitcoin, and the possibility of Bitcoin revisiting its previous all-time high (ATH) of $73,000 seems increasingly likely for investors.

In fact, popular cryptocurrency analyst Mags recently tweeted about the end of the first half of the BTC bull market and the imminent start of the second leg.

If this holds true, BTC may well reach a new ATH before the upcoming halving. According to the tweet, BTC's ATH could be close to $350,000.

Indicators Suggestive
With the $350,000 target seeming ambitious, AMBCrypto plans to examine the indicators of the king of cryptocurrencies to gauge recent expectations.

Our analysis of CryptoQuant data shows that its foreign reserves are decreasing, indicating significant buying pressure for the coin.

Its Binary CDD is also in the green, suggesting that long-term holders have been trending below average over the past seven days.

AMBCrypto subsequently analyzed BTC's daily chart to see if an upward trend is inevitable. We found that BTC needs to break through the $710,000 resistance level to start a bull market.

This scenario is likely as the Relative Strength Index (RSI) has shown an upward trend. However, nothing is certain as the Moving Average Convergence Divergence (MACD) indicates a bearish bias in the market.

A Quick Look at the Upcoming Halving
All of this is happening as Bitcoin's next halving is expected to occur approximately 12 days after publication.

The halving will gradually reduce the available supply for trading over the next four years, with an expected impact of around 6%."

Yamini003

It's good to learn more about such trends.

Shri

The bull market for Bitcoin concluded last year.

977Iti

This trend is something worth looking into and understanding.