2 reasons for bitcoin price of $69,000 before the halving

-->Bitcoin tends to rise 30 percent in eight weeks in the run-up to the halving, according to research from 10X Research. The fourth halving in Bitcoin history now appears to be on the calendar for April 19. In addition, Bitcoin’s Relative Strength Index (RSI) has risen above 80 on the daily chart.

Can Bitcoin manage to reach its all-time high of $69,000 before the halving?

Price correction is also possible for bitcoin

Although many analysts are already talking about a possible early visit to the all-time high, we cannot rule out the chance of a correction before the halving. In the past, Bitcoin underwent a significant correction before every halving.

The 2020 halving was of course overshadowed by the outbreak of the COVID-19 pandemic, sparking widespread fears of a global financial crisis.

Because of that fear, the bitcoin price shot down, but ultimately central banks managed to save the day by flooding the global economy with capital.

Not long afterwards, the bitcoin price recovered again. The question remains whether we will get such a good reason for declines again this year. The possibility of a recession still exists, but few people seem to really believe in it anymore.

‘Bitcoin price of 69,000 dollars before the halving is possible’

We previously discussed the research by 10X Research. Based on historical data, they concluded that bitcoin rose by an average of 32 percent over the last 60 days until the halving.

From current prices, that would mean that Bitcoin could get very close to the all-time high of $69,000.

However, this requires overcoming current resistance. Bitcoin had a smooth start to 2024, but there now seems to be a huge resistance around the price of 52,000 dollars.

Can the bulls break through in the coming days? The answer to that question often seems to depend on the further success of the Spot Bitcoin ETFs.