Krutika Adani
Bitcoin has been trading sideways for the last few months, but that might soon change as the markets expect a new rally in late 2024.
Bitcoin’s price must sustain above $56,000 to avoid breaking its long-term uptrend. Further, Bitcoin also needs to make a new high above $70,000 on a sustained basis.
The price has stagnated since the halving event. The top factors keeping prices down are the lack of macroeconomic indicators and uncertainty in policy post-US elections.
Historic charts indicate that a post-halving rally in Bitcoin is overdue and expected to take off later this year.
As long as Bitcoin is above $56,000, its price might not see a further breakdown. On the upside, $60,000 followed by $70,000 appear as critical levels to conquer before a new all-time high.