Before Reaching Its All-Time High In 2024, Bitcoin Currently Facing a Sell The News Event

Bitcoin bulls are cautioned by DecenTrader about an impending sell-off coinciding with the halving, asserting that the price action of BTC during this period will follow the usual patterns. 

Source: www.coinkolik.com

The market analysis provided by DecenTrader on February 2 projects a familiar pattern of behavior typical for Bitcoin during halving years. The forecast suggests that, despite a potential decline associated with the halving event, Bitcoin is anticipated to reach new all-time highs in 2024, aligning with the expectations of many analysts in the market.

DecenTrader: Until The Q4 All-Time High, Bitcoin Would Test Traders' Mettle

DecenTrader foresees approximately one month characterized by sideways price movement for Bitcoin before market dynamics respond to the approaching block subsidy halving. CEO and co-founder Filbfilb, summarizing the anticipated BTC price trajectory for the year, suggests an uptick in buying around two months ahead of the halving, currently projected for April 18. 

This surge in buying activity is expected to be followed by a sell-the-news event, reminiscent of the occurrences surrounding the launch of spot Bitcoin exchange-traded funds (ETFs) in January. Filbfilb notes the importance of the Bitcoin halving, scheduled for around April 18, 2024, and speculates that buying interest will likely emerge no later than six weeks before the halving, possibly around the second week of March. Despite this, the path is anticipated to open up for price discovery, with the potential for Bitcoin to reach new highs before the end of 2024, similar to the pattern observed during the last halving year in 2020. Filbfilb advised considering Bitcoin's tendency to anticipate the sell-the-news aspect associated with halving events.

Bitcoin Is On The Verge of 150 Days Within a $5K BTC Corridor Moving Zone

As previously reported by Cointelegraph, apart from Bitcoin-specific factors, a confluence of macroeconomic and geopolitical challenges is poised to trigger broader turbulence in risk assets. These challenges encompass weaknesses in the United States banking system, a concern flagged by Arthur Hayes, the former CEO of the crypto exchange, who anticipates a culmination in March. 

Contrary to the more optimistic outlooks, some analysts believe that Bitcoin might not achieve a new all-time high against the U.S. dollar until the conclusion of 2025. According to Filbfilb, there is limited reason for excessive optimism in the forthcoming weeks, as he notes a trend where individuals are convincing themselves that Bitcoin will reach new all-time highs ahead of the halving, based on the belief that it's different this time.

Disclaimer: FameEX makes no representations on the accuracy or suitability of any official statements made by the exchange regarding the data in this area or any related financial advice.