Can Bitcoin Bulls Propel Prices to $53K-$57K Pre-Halving?

Kelvin Munene Murithi
February 13, 2024
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Highlights

  • Bitcoin breaks 0.618 retracement pre-halving, signaling a robust start to a potential new bull cycle.
  • US Bitcoin ETF launch sparks institutional interest, driving prices and mainstream acceptance.
  • Low public interest in Bitcoin search trends suggests a shift to smart investor-driven market dynamics.

Amid the upcoming Bitcoin halving event, the cryptocurrency market demonstrates an increase in trading activity and market sentiment that points out the probability of significant price movement. Similarly, Bitcoin has recently achieved a significant milestone during the rally, breaking the 0.618 retracement level for the first time before a halving event.

This development marks a solid start to a new bull cycle, possibly setting the stage for an unconventional cycle compared to its predecessors. Concurrently, Michael Van De Poppe has projected that Bitcoin is on the cusp of a potentially substantial bull run, with price targets between $53,000 and $57,000 before the much-anticipated halving event. 

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Bitcoin’s Technical Outlook and Market Sentiment

As pointed out by crypto analyst Ali Martinez in his analysis for lower timeframes, Bitcoin is building an ascending triangular formation, which indicates a 1.60% uptrend in the short term, having $ 50,200 as resistance and $ 50.000 as support.

Investors are following these levels because a breakthrough of resistance might confirm the bullish trend, whereas a rebound below support may signal only a temporary pause.

Additionally, the Crypto Fear and Greed index also achieved its highest scale, previously in November 2021, when Bitcoin was at its all-time high of $69,000. The indicator is now in the “extreme greed” zone, which suggests that buying activity may increase further as a result of this market sentiment. This emotional atmosphere and the Bullish technical setup offer a Bitcoin bullish phase in the weeks before halving.

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Institutional Influence and ETFs

The US spot Bitcoin ETFs’ launching has been a catalyst for the current surge. As per the experts at Bernstein, ETFs are expected to have an impressive effect that could result in a huge influx of institutional investors in Bitcoin. Consequently, the prices could rise even further. 

The widespread legitimization of Bitcoin through ETFs, corporate adoption as a mode of payment, and even its being used as a legal currency in a country like El Salvador are indicators of its growing acceptance in the mainstream.

Bitcoin ETFs are emerging as a crucial catalyst, with nearly $1 billion flowing into these new investment vehicles in recent trading sessions. This shift indicates increasing confidence among investors, signaling a maturing market that could be less susceptible to the speculative volatility of past cycles.

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Bitcoin Market Trend

Nevertheless, Bitcoin’s incredible revival to $50,000 has not translated into an increased public interest trend by Google search trends. This apparent inconsistency indicates a transition in the market’s pattern where the current bubble may be fueled by a wave of smart investor activity rather than a retail frenzy. The resistance of Bitcoin investors, usually dubbed Diamond hands, shows the commitment to the long-term potential of Bitcoin.

On the other hand, the recent US inflation report has become a cause for concern as Bitcoin has seen a slight decline owing to the stronger-than-anticipated inflation figures, which have reduced the rate cut expectations. 

Read Also: Ripple Labs Acquires Standard Custody as Part of its Portfolio Firms

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.