Leading cryptocurrency Bitcoin It had a quiet weekend as it continued its horizontal movements at the $ 26,000 level.
However, there has been a decrease of 1.47 in the last 24 hours. BTCapproached the $26,000 mark.
At this point, analysts say that BTC investors are in a downward trend in the short term, but then they expect a period of consolidation until the halving event.
CyrptoQuant In their weekly report, analysts wrote that although investors are in a downward trend in the short term, there is still hope for BTC.
Stating that Bitcoin’s latest price performance is very similar to past cycles, analysts claimed that BTC will remain in the consolidation phase until the 2024 halving event.
At this point, it is expected to occur in 2024. halving Signaling that there may be a significant price increase in BTC afterwards, CryptoQuant analysts said:
“The assessment of the consolidation period in BTC is supported by various long-term valuation metrics, including logarithmic growth curves.
There is also data on the realized upper limit of short-term user transactions (UTXOs).
“This data demonstrates the absence of widespread speculation among retail investors and reinforces the potential for future price increases.”
Except CryptoQuant analysts FxPro analysts also evaluated Bitcoin’s performance.
At this point, analysts state that the downward trend in BTC will continue for the next few weeks. “We expect the price to fall as low as $23,000 due to the general lack of interest in trading risky assets and the absence of catalysts to move the market.” said.
BTC At the time of writing, it continues to be traded at $ 26,189.
*This is not investment advice.
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