2024-02-23 • Updated
Bitcoin halving, occurring approximately every four years, is a significant event that halves the reward for Bitcoin mining. This process, ingrained in Bitcoin's algorithm, serves to maintain scarcity and counter inflationary pressures. With each halving, the rate of Bitcoin issuance slows down, potentially leading to price appreciation if demand remains constant. The upcoming halving is expected around May 2024, approximately four years after the previous one. While halving events typically introduce increased price volatility, they are generally viewed as bullish for Bitcoin in the long term due to heightened scarcity. However, investors should exercise caution as reduced mining activity post-halving could impact price stability. Ultimately, to answer the question regarding BTCUSD being overpriced, I believe assessing the growth trajectory of the Bitcoin network is crucial in understanding its potential as a global store of value.
Bitcoin (BTCUSD) on the daily timeframe recently broke above its previous high at $49k, to hit the $53k mark before entering a consolidation range. This consolidation is likely to be the onset of a retracement move which could see Bitcoin prices drop as low as the $50k mark in a short while. The trendline support, turncoat supply zone, Fibonacci level and the 50-day moving average are my confluences for this sentiment.
Here on the 4-hour timeframe of BTCUSD we can see price currently approaching the demand zone from the recent break of structure. The 100-period moving average is also within the reach of the price action, leading me to believe the possibility of a resumption in the bullish trend anytime soon.
Analyst’s Expectations:
Direction: Bullish
Target: $54,500
Invalidation: $47,000
The trading of CFDs comes at a risk. Thus, to succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.
You can access more of such trade ideas and prompt market updates on the telegram channel.
Robert Kiyosaki, the author of "Rich Dad Poor Dad," has updated his bitcoin price forecast, now projecting the cryptocurrency to hit $100,000 by September. He plans to acquire more bitcoin before April, attributing his decision to the upcoming halving event. Kiyosaki advises investors to consider adding bitcoin to their portfolios and suggests...
Bearish scenario: Sell below 2200 / 2194 ... Nearest bullish scenario: Buy above 2197... Bullish scenario after retracement: Consider buys around each indicated demand zone
During the Asian session on Wednesday, the USD/CAD pair rebounded after two days of losses, reaching around 1.3590. This uptick is fueled by a stronger US dollar and lower crude oil prices, which put pressure on the Canadian dollar. The decline in Western Texas Intermediate (WTI) oil prices to approximately $80.70 is attributed to...
Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...
Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.
Bearish scenario: Sell below 1.0820 / 1.0841... Bullish scenario: Buy above 1.0827...
FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.
Your request is accepted.
A manager will call you shortly.
Next callback request for this phone number
will be available in
If you have an urgent issue please contact us via
Live chat
Internal error. Please try again later
Don’t waste your time – keep track of how NFP affects the US dollar and profit!
|
