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As the king of cryptocurrency was being prepared, it struggled to push its daily peak higher. The price is above $66,500 and was tested a few minutes ago at $66,824. Today, if the BTC price can reclaim $66,900, we might see new peaks. So, what do the analyst predictions indicate?
Crypto Expert Commentary
Halving event has reduced block rewards to 3.125 BTC, and the price has increased by more than 5% so far. This event, which occurs every four years, typically results in a short-term decline followed by a rapid recovery. However, this cycle may be different, and the expected drop could have occurred going into the halving week.
According to Coinglass data, Bitcoin‘s open interest (OI) funding rate turned negative again on April 18 and April 21. Now, with a return to a positive rate of 0.0079%, we can talk about strengthening long positions. The same period’s increase in spot price and ongoing demand for altcoins also support this optimism.
Tedtalksmacro mentions a similar event in October 2023, where markets quickly recovered over a six-month period. The last major rally saw prices rise nearly 150% within months, and if the same happens again, a strong general market rally could begin.
Bitcoin and Crypto Predictions
Crypto analyst Skew views the recent weekly close above $65,000 positively. According to him, this promising close could pave the way for new market peaks. In a recent post, the analyst described the $65,000 to $66,000 range as a sticky price zone, and currently, the rising BTC price to $66,824 is about to leave this zone behind.
Rekt Capital, another popular analyst, suggests that Bitcoin might linger in a “reaccumulation” phase for several months before entering a “post-halving parabolic rise.” This could mean that the price stuck between $60,000 and $70,000 might continue to frustrate for a while longer.
