The crypto markets have broken free from bearish captivity, with most tokens jumping out of ascending consolidation. Bitcoin price has surprisingly soared above $27,000, driving the global crypto market cap up by more than 5.4%. While some believe this to be a short-term rally, a larger price action seems to be fast approaching.
As we know, Bitcoin is getting closer to halving, which occurs once every four years. The previous halving occurred in 2020, while the upcoming one is scheduled for 2024. By analyzing price movements since the beginning, it is evident that crypto is following a similar pattern before and after the halving event.
Thus, the price has reached a crucial juncture beyond which it has undergone a massive upswing in previous times.
As shown in the monthly chart above, the BTC price has followed a similar price action since 2014. After every halving, the BTC price loses its bullish hold and drops hard to mark the cycle’s bottom. Then, with a notable rebound, the price ignites a massive upswing that propels it higher to form a new all-time high (ATH). This pattern has occurred after every halving, and a similar upswing is expected once the price breaks above the trend line.
On the macro scale, the BTC price has performed well, with a more than 35% jump in the past seven days, currently trading at $27,340. However, the altcoins do not appear to have utilized all the strength they accumulated over the past few months. Interestingly, the popular altcoins’ growth recorded less increase in the past 90 days compared to Bitcoin.
Thus, considering the current situation, it can be assumed that the Bitcoin (BTC) price continues to hold a huge dominance and may continue to rise until it marks its target. Altcoins may remain consolidated and hover within an ascending consolidation.
Written by: Sahana Vibhute
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