Bitcoin (BTC) has been trading in a narrow range for several weeks, consolidating below its recently achieved all-time high. According to the latest data and expert analysis, this trend may continue, with investors potentially waiting until the upcoming halving event to see Bitcoin price movement.
Michael Van de Poppe, a well-known cryptocurrency analyst, recently shared his insights on Twitter, stating that he expects Bitcoin to remain in a consolidation phase and not reach a new all-time high before the halving.
The next Bitcoin halving, scheduled to occur in just 14 days, will reduce the cryptocurrency’s issuance rate and miners’ rewards. Poppe’s analysis also suggests the possibility of Bitcoin’s price dropping to the $60,000 to $56,000 range this summer.
$60k BTC’s support?
Data from CryptoQuant supports the bearish sentiment, with several metrics indicating potential downward pressure on Bitcoin’s price. The net deposit of Bitcoin on exchanges is currently high compared to the last seven-day average, suggesting increased selling pressure.
Additionally, Bitcoin’s aSORP (Spent Output Profit Ratio) is in the red, indicating that more investors are selling at a profit, which can signal a market top during a bull run. The Korea Premium, a measure of Korean investors’ sentiment, is also high, further hinting at a potential price drop.
Technical analysis of Bitcoin’s daily chart reveals a bearish crossover on the MACD (Moving Average Convergence Divergence) indicator and a downtick in the Money Flow Index (MFI), both of which suggest a possible price decline. However, the Bollinger Bands indicate that Bitcoin’s price is currently in a less volatile zone, which could limit the extent of any sharp falls.
According to data from Hyblock Capital, Bitcoin has strong support near the $66,000 mark. However, if the price fails to hold at this level, it may drop to the $60,000 range, where another strong support level exists. Investors should remain cautious and monitor market developments closely as Bitcoin navigates this consolidation phase leading up to the halving event.
Read More: Bitcoin’s Puzzle: Will the Halving Bring New Highs or Summer Lows?
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