Bitcoin is in beast mode again. The king of the cryptocurrencies went from $51,000 to $57,130 in just a 24-hour period. The all-time-high for $BTC is now only $13,000 away. Could this be reached before the halving?
The start of the pump
Early on Monday, the $BTC price was meandering sideways, looking as though it might start to roll over and head back down to lower levels. None of it. $BTC dipped to touch support at just under $51,000 and then about five hours later the first of the green candles ignited the bitcoin rocket ship.
Source: Coingecko/Trading View
By close of play on Monday, $BTC had reached $54,470, and it wasn’t done then either. Another beautiful green daily candle set off skywards on Tuesday morning. It attained a height of just over $57,000, and then came back down to what is currently support at $56,000.
Series of bull flags
Source: Coingecko/Trading View
Zooming right into the 1-hour time frame, it should be noted that bitcoin has been consolidating beautifully between each upward pump. Small bull flags at $53,000, $54,000, and now $56,000 have allowed the price to gain strength before pumping higher.
As can be observed, the price does look as though it is going to break out yet again. $60,000 is the next major target, and the way things are moving, we could be there quite soon.
All-time-high before the halving?
Many analysts and traders on social media are calling for a new all-time-high even before the halving in April, and looking at the trend and the momentum, this prediction is now becoming a real possibility.
If $BTC should get there, this will be something that has never been seen before in the short history of bitcoin cycles. Previously, the final parabolic pumps started after the halvings. Therefore it might be wondered: Is this a much shorter bull cycle, or could we see a double top, much like in the 2021 bull cycle top?
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
