The post Bitcoin Price May Hit $51,500 Before the Halving: But There’s a Catch! appeared first on Coinpedia Fintech News
The Bitcoin pre-halving rally appears to have ignited with the prices reclaiming the lost levels above $46,600, despite immense bearish action. The parabolic recovery suggests growing strength among the bulls, due to which market participants have also become optimistic about the prospects of the token. The current strength of the bulls seems to have piled up and hence it is now believed that the price may easily make it to $50,000 before the Bitcoin halving event.
Bitcoin halving is largely considered the most bullish event in history. Apart from its fundamental significance, it has induced remarkable strength not only in the BTC price but also within the entire crypto space. Now that the fourth Bitcoin halving is less than 80 days away, the markets tend to rise above the pivotal resistance. Therefore, one of the well-known analysts, Michael van de Poppe, believes the BTC price may hit $51,500 before the event.
However, with the bullish predictions, the analysts also anticipate a probable pullback after hitting highs. Michael says that the levels above $51,000 fall within a liquidity range and testing them could result in a bearish pullback. However, it could be a short-lived pullback and hence it could be a good buying opportunity.
Also Read: Bitcoin (BTC) Price Aims for $52k Amid Heightened Whale Buying Pressure
“To be fair, I’m positively surprised with the current strength on Bitcoin.
Already at $46,500.
It seems likely we’re looking above the highs and perhaps the one above $51,800 pre-halving.
The markets are strong. Dips of 20% on Bitcoin are a buy.”
Bitcoin has previously failed to sustain above-average gains, which has resulted in a fakeout, trapping the bulls for a pretty long time. Therefore, the upcoming weekend could witness excessive price action, where the bears may try hard to restrict the rally below the highs. However, a weekly close above the crucial resistance-turned-to-support at $45,800 may have a bullish impact for a long period, offering the markets the required base to trigger a healthy bull run.