According to prominent crypto analyst Captain Faibik (@CryptoFaibik on X), Bitcoin (BTC) is currently presenting an opportunity for long-term investors to build positions ahead of a looming price rally tied to the next Bitcoin halving in 2024.
Rangebound Trading Expected Until March
Captain Faibik noted that Bitcoin is likely to consolidate between $40,000 and $45,000 for the coming 5-6 weeks before the Halving Rally commences. The analyst cited mid-March as the possible start for a new rally that could see Bitcoin reach $57,000 by mid-April.
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Show more +With Bitcoin still below its all-time high of nearly $69,000 from November 2021, investors may be using this period of rangebound trading to “keep accumulating” more BTC. As Captain Faibik points out, major institutions like BlackRock and Fidelity have been expanding their crypto offerings amidst the recent bear market conditions.
Retail traders also have time to build Bitcoin positions for the next halving event in 2024, which will reduce the supply issuance rate and potentially fuel the next major bull run. So while Bitcoin trades sideways for the coming weeks, the long-term macro outlook remains decidedly bullish. Captain Faibik still expects new highs on the horizon once the halving kicks into gear.
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