Market experts again focus on Bitcoin (BTC) as they look at recent trends and guess where it might go.
Jelle, a well-known crypto analyst, has given investors hope by saying that Bitcoin’s price could go up after it recently dropped.
Jelle’s research concerns an inverse head-and-shoulders pattern in Bitcoin’s price chart. This technical pattern has three troughs, with the largest one in the middle (called the “head”), pointing to a possible change from downward to upward.
#Bitcoin could be forming an inverse head & shoulders pattern here.
Just needs to break the neckline & flip grey box into support to play out.
If it breaks out, the technical target sits just around the current all-time highs.
pic.twitter.com/lkdbQpKKAM
— Jelle (@CryptoJelleNL) March 22, 2024
Market Correction Amidst Bitcoin Halving Anticipation
Despite these optimistic forecasts, Bitcoin’s market performance presents a more subdued reality.
This downturn is not isolated to Bitcoin alone but is part of a broader correction affecting various cryptocurrencies. Factors contributing to this correction include regulatory developments, macroeconomic conditions, and shifts in investor sentiment.
Even though the market is unstable, people are getting increasingly excited about Bitcoin’s upcoming split event in April. Halving events are very important to Bitcoin’s economic model because they lower the reward for mining new blocks, effectively halving the rate at which new coins enter circulation. Prices have gone up in the past when these things happened because there wasn’t as much Bitcoin available.
Analysts think Bitcoin’s price may stay in this stability phase until the halving event. After that, there may be a breakout. This expectation comes from the fact that there have been times when market behavior was bullish after the half. That being said, it’s important to remember that past success doesn’t always mean future results.
