the market recovers after the turbulence

Although recent events have caused quite a bit of turbulence and some collapse, the crypto community’s attention towards the imminent Bitcoin halving is allowing the cryptocurrency market to recover, albeit with some uncertainty still.

The same goes for the price of Bitcoinwhich started to rise again, trading at $64,520but which still maintains a slight decline of around 1.65%.

The significant moment of the halving is anticipated not only for its immediate impact on mining rewards, but more importantly for its potential long-term influence on the price and scarcity of Bitcoin.

The halving event, in fact, regulates cyclically the rate of creation of new Bitcoins and, historically speaking, it has always been a catalyst for notable price movements. For this reason it is observed with extreme attention by investors, to understand how it could influence market dynamics in the coming years.

Bitcoin Halving Approaches: The Legacy of Satoshi Nakamoto and the Impact on the Cryptocurrency’s Value

As Bitcoin’s fourth halving approaches, which will take place in the next 36 hours, the cryptic words of its creator, Satoshi Nakamotore-emerge adding an aura of mysticism to this significant event.

Nakamoto, who passed away three years after the birth of Bitcoinleft a legacy that continues to influence the fundamentals of cryptocurrency.

The analysis of Galaxy draws a parallel between Nakamoto’s criticism of the devaluation of traditional currency and Bitcoin’s halving mechanism, which will reduce the block reward on April 20, 2024.

This event not only strengthens fixed monetary policy and the scarcity of Bitcoin, but also reaffirms its core value proposition. Nakamoto’s words strengthen the community’s confidence in Bitcoin’s long-term viability and its unique characteristics.

• The cryptic legacy of Nakamoto Increases interest in Bitcoin’s upcoming halving.
• The analysis of Galaxy links Nakamoto’s point of view on the devaluation of fixed-rate coins to the scarcity mechanism of Bitcoin.
• L’halving highlights the fundamental principles and long-term strength of Bitcoin.

Impact of Bitcoin Halving: Long-term benefits may outweigh short-term fears of a “sell the news” effect

The world’s largest crypto index fund management company, Bitwise Asset Managementsuggests the market may be undervaluing the long-term implications of the impending Bitcoin halving, potentially leading to an effect “sell the news” short term.

Historically, Bitcoin halvings have always led to substantial price increases over the next year, although they were initially met with skepticism due to limited historical data.

Bitwise points out that halving inherently increases scarcity, which could drive prices higher. The CEO, Matt Hogantherefore remains optimistic and expects the price of Bitcoin, influenced by the significant impact of the halving, to exceed $200,000 by the end of this year. This outlook could influence market behavior and investor sentiment both before and after the event.

• The halving historian suggests significant increases price after the event.
• Bitwise CEO predicts Bitcoin will outperform $200,000 due to greater scarcity.
• Market dynamics may be affected by the expected halving effects.

Bitcoin Investors Show Strong Confidence: $1.7 Billion Moved Into Accumulation Wallets Amid Price Drop

During the recent Bitcoin market downturn, investors demonstrated their commitment by moving as much as $1.7 billion into “accumulation” wallet when prices fell below $63,000.

This movement, which took place on April 16 and 17, involved more than that 27,700 BTC, indicating strong buying interest at these levels. These portfolios, characterized by holdings of more than 10 BTC and a history of no withdrawals, reflect long-term investor confidence.

Analysts believe this influx of funds represents a phase of strategic accumulation, which mirrors previous rounds of Bitcoin halving. According to analysts, this could set the stage for a significant rally after the halving, accelerating the momentum positive of Bitcoin.

• $1.7 billion transferred to accumulation portfolios during market decline.
• Beyond 27,700 BTC lively, a sign of strong buying interest.
• Expected potential significant rally after the halving.

Bitcoin price prediction

The couple BTC/USD is currently listed at $64,520, with a decline of 1.65%. The cryptocurrency’s technical setup presents a mixed outlook within a narrow trading range. Today’s key point is set at $62,899which also serves as a benchmark for short-term direction.

Key technical levels:

Immediate resistance is expected to $65,194with subsequent roofs 67,695 And $70,959.

Support levels are placed at $59,418followed by 56,271 And $53,182.

The relative strength index (CSR) is neutral at 54, suggesting a balance in market sentiment. The exponential moving average (EMA) at 50 days is located at $65,302, indicating potential resistance just above current levels. A decisive breakout above the $65,300 could trigger further buying, potentially pushing Bitcoin higher $70,000.

Conclusions: The market position for Bitcoin remains cautiously optimistic above $62,899. A drop below this critical support could result in a sell-off significant, while a push above the current resistance could consolidate the bullish momentum.

Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.

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