Bitcoin, Voice of Crypto, VOC
Bitcoin price might fall after the halving event, potentially reaching $60,000.
TradingShot, an analyst made this prediction based on technical analysis and historical patterns.
The analyst expects a significant upswing after the pullback, taking Bitcoin to $100,000.
Profit taking around $100,000 is suggested by TradingShot, despite a possible further rise to $110,000.
The upcoming Bitcoin halving continues to inch closer and is therefore becoming more volatile on all timeframes.
The fact of the matter is that Bitcoin currently trades underneath the $70,000 threshold, which has become one of the most significant resistances on the chart as the flagship cryptocurrency aims for the $100,000 target.
With the halving less than a few weeks away, analysts are starting to weigh in on what might become of this cryptocurrency as the single most important event in crypto inches closer.
According to a recent TradingView post from analyst, TradingShot, the decline in Bitcoin from the $73,000 all-time high might not be all there is to it.
TradingShot in his post, mentioned that Bitcoin might be heading towards a potential decline as soon as the halving hits.
How low will Bitcoin go when this decline hits?
TradingShot predicts sub $60,000 levels based on the weekly charts, as well as historical patterns where Bitcoin has previously corrected to the 0.382 Fibonacci retracement level from its lows.
TradingShot’s outlook
TradingShot opined that since FTX crashed in November 2022, Bitcoin has been trading inside a channel-up trend, right after hitting the cycle lows.
This formation means that Bitcoin continues to trend higher, but has diminishing returns with a decreasing rate of percentage gains for each new high of 2% on average.
Per TradingShot’s analyses, we might be seeing Bitcoin retest anywhere between the $60,000-$58,000 range after the halving.
However, this isn’t as bad as it sounds.
The analyst further added that right after this crash, we might be poised for the real rally of this cycle, taking the cryptocurrency straight up to the $100,000 mark.
TradingShot also advised caution, stating that the $100,000 zone isn't a foolproof figure and that investors should consider taking profits at around $100k, despite a possible $110,000 higher target.
"That gives us a $110000 Higher target but it is always safer to start taking profits (medium-term at least) around $100k. So if this model continues to repeat those systemic sequences, we are looking at the possibility of a 60-58k pull-back towards and marginally after the Halving and then new rally to $100k."
This is without mentioning the undeniable strength of Bitcoin so far, which has been spurred along by several macroeconomic factors like the rise in U.S. Treasury yields to their highest point this year, and the continued strength of the U.S. dollar.
Overall, as Bitcoin continues to push further down the line, analysts, traders and investors have had their eyes on these key levels highlighted by TradingShot for weeks.
While the halving inches closer, the rally that will inevitably follow, provides a hopeful outlook for Bitcoin’s journey towards $100,000.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.