2023-02-22 07:23:45
"Analyzing Bitcoin's Historical Trend: Will It Break the Macro Downtrend Before the Halving Event in 2024?"
Bitcoin Current Price :- $24180
Bitcoin has been a topic of discussion for a long time now, especially when it comes to its trends and patterns. One of the most talked-about topics is the halving event, which takes place every four years and is considered to be one of the most crucial events for Bitcoin's future. It is a process where the mining rewards are halved, leading to a reduction in the supply of new Bitcoins . This event has a significant impact on Bitcoin's price, and it has been observed that Bitcoin tends to break its macro downtrend some 366-396 days prior to the halving event.
As we approach March 2023, Bitcoin will reach that historical time-range, as it will be 397 days prior to the halving. It is expected that trend acceleration will likely occur upon the break of this macro downtrend. However, let's take a look at the final "non-trend" monthly candle, which is the current February candle.
This candle is the final one that is a testament to the analogy of "the lid of the soup pot is bouncing about because of the bubbling soup but the lid is not yet ready to bounce off completely."
These pre-macro downtrend breakout monthly candles hold the highs just below the macro downtrend, but they don't actually break it until the following month. These pre-breakout candles tend to form 396 to 427 days prior to the halving. In fact, it is currently some 423 days prior to the halving right now. Therefore, in terms of the pre-breakout candle, BTC is very much on track and within its 396-427 days pre-halving range.
Moreover, the current February candle is behaving very similarly to previous pre-breakout candles, which is an interesting observation.
However, it is essential to note that a post-breakout retest could see BTC dip into the macro downtrend around May 2023, to revisit the ~$$18000-$22,000 level.
While history has shown that this is not a given, and we've known that for a while as we've covered these chart tendencies, it is important to be prepared for any outcome.
As a prudent investor, it is always wise to prepare for any outcome and be ready to make the most of the opportunity. While the dip in Bitcoin's price may seem alarming, it is important to note that it is not uncommon for Bitcoin's price to be volatile. As we have seen in the past, Bitcoin's price has experienced significant highs and lows. However, it has always bounced back and has been a profitable investment for many investors.
In conclusion, Bitcoin's pre-macro downtrend breakout monthly candles tend to form 396 to 427 days prior to the halving, and the current February candle is behaving very similarly to previous pre-breakout candles.
While a post-breakout retest could see BTC dip into the macro downtrend around May 2023, to revisit the ~$18000-$22,000 level, it is important to be prepared for any outcome as history has shown that this is not a given.
As an investor, it is always essential to do your due diligence and make informed decisions based on market trends and patterns.
Key Levels:-
Support:- $21600/$18500
Resistance:- $31300/$38350/$47700
Note:- If Break White Line Resistance Then I will Hit Upward Resistance But If Rejected then Might be Test Support Level .
Tradingview Analysis:- https://www.tradingview.com/chart/BTCUSD/mrDy3h4e-Analyzing-Bitcoin-s-Historical-Trend-Will-It-Break-the-Macro-D/
Twitter:- https://twitter.com/cryptopatel/status/1628248468065239040?s=46&t=FbFHwwZh_VdBCWUkQOVt_w
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