Originally published on: August 12, 2024
Bitcoin’s price has taken a dip below a crucial trendline, sparking speculation among analysts that it may need to correct below $55,000 before resuming its upward trajectory.
The recent drop below a key growth trajectory line, based on historical Bitcoin halving cycles, has raised concerns among investors and traders.
According to Ecoinometrics, regaining momentum above the $63,000 trendline could pave the way for Bitcoin to reach new all-time highs in the coming years. The research platform predicts a potential peak of over $140,000 by 2025 if Bitcoin follows a similar pattern to previous halving cycles.
However, the upcoming release of the Consumer Price Index (CPI) on August 14th could impact Bitcoin’s price movement. A higher-than-expected CPI reading might trigger another correction, as suggested by the pseudonymous trader Crypto Bullet.
On the bright side, Bitcoin miner reserves have decreased to 1.8 million BTC, indicating lower sell pressure from miners. This trend, noted by CryptoQuant author Binhdangg, could potentially support Bitcoin’s price stability in the near future.
To sustain its upward momentum, Bitcoin will need to confirm a break above the $60,600 mark, as highlighted by the renowned crypto analyst Rekt Capital. This confirmation could signal the beginning of a new leg up for Bitcoin’s price.
It’s important to note that this article is not providing investment advice. Investors are encouraged to conduct their own research and analysis before making any financial decisions.
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