Bitcoin maintains stability as analysts predict consolidation ahead of 2024 halving
Bitcoin, the leading cryptocurrency, has demonstrated a trend of stability, hovering around the $26,000 mark. As of Monday, the digital asset has experienced a slight drop of around 1.5% over the past 24 hours, moving closer to the $26,000 threshold and trading at $26,121.
CryptoQuant analysts have noted a short-term downtrend for Bitcoin investors but expect a consolidation phase leading up to the next halving event in 2024. In their recent weekly report, despite the present bearish trend, they expressed optimism for Bitcoin's future.
Drawing comparisons between Bitcoin's recent price trends and previous cycles, these analysts anticipate that Bitcoin will remain in a consolidation period until the halving event in 2024. They suggest this could set the stage for a significant surge in Bitcoin's price post-halving.
This prediction is supported by several long-term valuation metrics such as logarithmic growth curves and data on the realized cap of short-term user transactions (UTXOs). The current lack of widespread speculation among retail investors further bolsters this potential for future price growth.
Analysts from FxPro have also shared their insights on Bitcoin's performance. They forecast an ongoing downward trend for Bitcoin over the coming weeks, expecting it to drop to $23,000. This prediction is driven by the current lack of interest in trading risky assets and an absence of market-moving catalysts.
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