12 Days Until Bitcoin Halving: Why $100,000 Isn’t Much Further Away
With the fourth Bitcoin halving just 12 days away, the community is buzzing with anticipation, speculating on the potential for Bitcoin to breach the significant $100,000 threshold.
Joe Consorti of Theya Research has offered a comprehensive analysis, diving into the intricacies of Bitcoin’s current market position and the factors that might catapult its value to new heights.
This event, a cornerstone in Bitcoin’s design to halve the rewards for mining new blocks every four years, historically triggers a bullish momentum, and the present scenario appears to be aligning with past precedents.
The Significance Of Bitcoin’s Consolidation Phase Consorti’s analysis titled, “Bitcoin’s 4th Halving Is [12] Days Away, and $100,000 Isn’t Much Further Behind It”, begins with a deep dive into Bitcoin’s ongoing consolidation phase, which he argues is a critical period that precedes a potential bull run.
“Bitcoin continues its consolidation.
In keeping with its previous phases of consolidation at $30k and $40k, BTC spends several weeks at key psychological price levels exchanging hands between buyers and sellers before advancing higher,” Consorti stated on X.
Related Reading: FOMO Gives Way To Fear: Bitcoin-Ethereum Ratio Signals Shift In Crypto Sentiment He emphasizes that this is the sixth week of Bitcoin’s consolidation above $60,000, marking the least volatile period at this price level and following a new all-time high.
This, according to Consorti, signals a strong market confidence that could be the foundation for the next surge.
The analysis further explores the broader market dynamics, particularly the correlation breaks within the current cycle that have made the stock market an unreliable indicator of US economic sentiment.
“The market at large has experienced massive correlation breaks this cycle…