Bitcoin Possible Rally Before the Halving Depends on Two Levels

-The demand zone at $34,300 and $30,200 are vital to $BTC ’s next direction.

-Should buying pressure continue to drop, #bitcoin may fall below $36,000. 

-A breakout at $37,700 could help BTC hit $50,300 before the 2024 #halving .

1. Bitcoin Risks Another Drop-

An assessment of the #UTXO showed that there were a lot of transactions and demand for #BTC around the $34,300 and $30,200 zones. The increase in demand in these areas implies that there was also a lot of change left after the surge in transactions, making them important price levels to keep an eye on.

2, $50,000 Before April?

In a related development, crypto analyst Eric Krown spoke to his 183,000 YouTube subscribers about Bitcoin’s potential before the halving. For context, the Bitcoin halving occurs every four years, and it is tagged as an event to reward miners. 

The next halving is billed for April 2024 and with six months left, Krown noted that it is time to consider the coin’s potential price. In doing this, the analyst considered BTC’s performance during previous halvings.