Bitcoin experienced its third-strongest quarter in the past three years during Q1 2024, with a 64% surge in price. However, based on a technical analysis, analysts are warning of potential volatility ahead as the Bitcoin halving approaches.
The upcoming halving, scheduled for April 20, is expected to cause significant price action. Despite the recent rise, investor sentiment regarding the short-term direction of Bitcoin’s price is neutral.
Bitcoin’s price over the past twelve months.
The balance remains between short and long positions in the market. Some analysts predict Bitcoin could consolidate between $60,000 and $70,000 in the coming weeks. The launch of spot Bitcoin ETFs has generated interest but may lead to a potential shift in the market narrative.
Source: COINTELEGRAPH
