Bitcoin Breaks $70,000: Post-Halving Advance?
Bitcoin broke the psychological $70,000 mark on a tear. At press time, the world's most expensive currency is nearing $72,000, a key resistance level from June 2024.
Declining Triangle After Bitcoin Breaks $70,000
One expert has identified another important factor as purchasers reversed losses from the second part of last week and rose to a three-month high. The technical expert said on X that the price is firm at press time and that the coin is trading above a descending wedge after two days of explosion.
According to the analyst's assessment, the coin is in a significant breakout shape. It implies that buyers may be taking control after a period of discouraging lower lows in Q3 2024. The pattern of lower and lower highs since prices retraced from all-time highs may be finished.
When prices rise, traders rush to establish leveraged bets on perpetual futures platforms like Binance or Bybit to avoid missing out. The more prudent purchase in the spot market, knowing that rewards are possible but risks are reduced.
Is Post-Halving Advance On?
The expert stated gains over the past two days must be verified for the upswing to continue. Bitcoin will rise to $72,000 and $74,000 in March 2024 if this happens. Bulls may have more space to advance during the “post-Halving” advance.
Previous cycles have always shown bullish halving occurrences. Prices rose in the following months as the network lowered miner incentives in 216 and 2020. Bitcoin rose to $20,000 in 2017 and $70,000 in 2021.
