Bitcoin Price Analysis: Here is What to Expect From the BTC Price Ahead of Halving

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Written By Pinang Driod

After the recent crash, the crypto markets appear to have entered a still position again as the bears remain passive while the bulls remain misty about the upcoming trend. This has compelled the price to trade in and out of the range of $66,000. With a drop in volatility in less than 20 days for the Bitcoin halving, here is what one can expect from the BTC price in the next fifteen days. 

The BTC price displayed a subtle recovery in the early trading hours but it began to weaken as the day progressed. While the price grapples around $66,000, the sentiment of the investors leans towards a bearish outlook. Moreover, the formation of a triple-top pattern in the short term substantiates the bearish claim, indicating a gradual loss of momentum. However, the chart formations and the technical patterns suggest a potential reversal but it may be another bearish trap for the bulls. 

The short-term price action appears to be promising, as the token has been holding above the 0.38 FIB levels regardless of extreme upward pressure. After the price broke below the 200-day MA, the bearish possibilities increased. Moreover, the star crypto has formed a bearish flag in the 4-hour chart and has approached the apex of the pennant. This suggests a bearish pullback could be on the horizon, with a higher probability of reaching the lower support zone between $64,025 and $63,487. 

Besides, the seller’s exhaustion appears to have been reaching the upper threshold as the volume is reaching the ground. This may reduce volatility to some extent until the bulls regain their dominance. Therefore, in the next few days, the BTC price may find new lows around $64,000, which may attract fresh liquidity. This could trigger a new bullish spell but the trend may remain elevated only if the price regains levels above 0.5 FIB, which coincides with the 200-day MA at $67,583. 

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