Cryptocurrency analysts name the date of a new record for bitcoin

The flagship crypto asset BTC $96,897.04 Bitcoin -1.66% Market capitalization $1.92 trillion VOL. 24 hours $1.9 billion will «test the resolve of investors» with a sell-off after halving and will update its all-time high (ATH) only in the fourth quarter. This forecast was published by DecenTrader analysts.

Experts explained such expectations by the «classic behavior» of the first cryptocurrency in the year of halving the reward to miners. They explained that the presented roadmap does not take into account the impact of macroeconomic events and geopolitics.

«Bitcoin has about 30 days to go through a correction phase before the demand for FOMO is felt. Keep in mind that digital gold tends to be ahead of the reaction to halving reports,» the experts wrote.

According to the review, a correction could bring the rate back to the lower boundary of the three-day supertrend near $ 37,000 over the next four to five weeks. The order book on the Binance platform shows interest in buying the virtual coin at $ 35,500−38,500.

An alternative scenario assumes that the price of the first cryptocurrency has already regained sufficient momentum to rise to $ 49,000. This is confirmed by the formation of an inverted head-and-shoulders reversal pattern with a target of $ 48,800, as well as net inflows into ETFs.

«After the previous halving, it took 220−240 days to break through to new record highs. We should expect the trend to repeat — the rate will reach a new ATH in the middle to end of the fourth quarter of 2024. This will give some time for correction,» the experts emphasized.

DecenTrader is confident in bitcoin’s inability to reach record highs before halving.

«The dynamics will be no different from previous events. There is a supernaturally precise market cycle pattern for bitcoin, born of investor emotions […]. It seems unreasonable to expect it to break for the better now,» the experts concluded.

According to the review, after the current wide sideways move, we should expect a surge in purchases of the main cryptocurrency about two months before the halving, which is likely to take place on April 18.

We would like to add that according to CoinMarketCap, at the time of writing, bitcoin is trading at $ 42,983. The total supply of coins circulating on the market is $ 843.29 billion. Traders made daily trading deals worth $ 15.5 billion. BTC’s dominance on the market reached 51.2%.