Halving helped Bitcoin digest sell-off

Alexander Kuptsikevich FxPro

Market picture

The crypto market was relatively quick to digest the sell-off that gripped markets following Israel's attack on Iran. The capitalisation rose 4.7% in 24 hours to $2.33 trillion, but this is down from $2.62 trillion seven days earlier.

Halving and strong technical support are supporting a 'buy on dips' pattern in Bitcoin, and this is affecting the rest of the cryptocurrencies. The halving will take place on Saturday night. The technical picture now suggests that BTCUSD is successfully holding within a corrective pattern, finding support on dips to the 61.8% Fibonacci retracement level of the rally from the January lows.

However, bullish positions are not as strong as they were earlier in the month, with the 50-day moving average acting as resistance. A strong rally above $67 will be needed to overcome this bearish signal.

News background

JPMorgan allowed bitcoin to fall after it halved based on an analysis of open interest in bitcoin futures. In addition, the market remains overbought.

Historically, major post-halving gains occur in 6-18 months, and major price changes become statistically less likely as market size increases, Coinify noted.

Analyst PlanB, creator of the Stock-to-Flow model, said the current halving cycle is no different from previous ones. He expects bitcoin to peak at $100K in 2024 and $300K next year.

The Finder platform presented the results of a survey of 31 cryptocurrency and financial technology experts. Bitcoin could reach $122K in 2024 and $109K by the end of the year.

According to BitInfoChart, bitcoin transaction fees spiked on the back of user activity in anticipation of the launch of Runes, a new interchangeable token standard on the BTC blockchain. The average commission exceeded $16.

Author

Alexander Kuptsikevich

FxPro

Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.

Dash Price Forecast: DASH defies headwinds, paces toward $100

Dash extends its rally, reaching an intraday high of $96.85 despite the broader crypto market correcting. Retail interest in DASH explodes as futures Open Interest soars to $165 million.

XRP slides below 50-day EMA as selling pressure intensifies

Ripple is edging lower toward the pivotal $2.00 level at the time of writing on Friday, marking three consecutive days of declines. The sell-off extends across the crypto market, with Bitcoin falling toward $95,000 and Ethereum pressing down on support at $3,300.