Bitcoin faced a 3.06% price decrease on Friday, dropping to $60,372.36, as per CoinMarketCap data. However, a trading analyst known as Titan of Crypto seems undeterred by this dip. Titan of Crypto believes that Bitcoin is currently in a consolidation phase and is poised for a post-halving price surge. One key indicator that Titan of Crypto pointed out was the formation of a bullish signal on the daily timeframe, known as the bullish engulfing candle. This pattern suggests a possible reversal from a downtrend to an uptrend. Building on this observation, the analyst confidently stated that Bitcoin is likely to witness a significant price increase post-halving.
In his analysis, Titan of Crypto emphasized the importance of looking at Bitcoin’s past performance to gauge its future potential. The analyst noted that historically, Bitcoin has always experienced a rally after a halving event. Despite acknowledging the short-term price fluctuations that may be puzzling to some, Titan of Crypto remains optimistic about Bitcoin’s long-term trajectory. Drawing from previous post-halving rallies, the analyst boldly predicted that Bitcoin could reach $150,000 by 2025.
In addition to Titan of Crypto’s bullish outlook, blockchain analytics firm Santiment offered its own perspective on Bitcoin’s recent price downturn. According to Santiment, the current decline in Bitcoin’s price may soon come to an end, with the token approaching a potential “bottom.” This bottom signifies the lowest point in a market decline, after which prices begin to rise significantly. Santiment’s prediction is largely based on a decrease in dip-buying activity among Bitcoin investors, indicating a weakening interest in purchasing during price dips.
As of the latest update, Bitcoin is trading around $60,968, reflecting a 3.26% decrease over the past week. On a monthly chart, Bitcoin remains in the negative territory, showing a decline of 13.64%. Despite the recent price fluctuations and market volatility, both analysts and experts seem to agree on one thing – the long-term potential of Bitcoin and its ability to bounce back from temporary setbacks. As the crypto market continues to evolve, only time will tell whether these predictions will come to fruition.