This week, Bitcoin price started its downward journey from $20,200 and hit levels below $19,800 before moving into the bearish zone. Regaining dominance, the bears managed to pull BTC even below $19,500.
However, the King currency seems to have started a short-term upside correction as the currency hit levels above $19,400 during the early trading hours. At the time of writing, Bitcoin is valued at $19,345 after a fall of 0.93% over the last 24hrs and it is still more than 71% down from its ATH of $69,000.
Bitcoin Halving To Influence Bitcoin Price
Meanwhile, Root, a Twitter account that is focused on on-chain analytics, claims that the Bitcoin price, at the time of halving, is positioned for a historical fair value. As per the analysis, if the fair value (the current trading price) doesn’t drop from its position, the flagship currency might see its price reaching $40k in the next 18 months.
Another important factor to consider for understanding Bitcoin’s price action is the current macroeconomic environment and the upcoming CPI report which will indicate the current inflation rate.
Charles Edwards, Capriole’s CEO and market expert, takes the previous cycles into account and claims that we are just 90 days away from witnessing Bitcoin’s bottom.
On the other hand, as per crypto analyst Ali, the King currency should hold on to its $19,000 level to avoid any further decline. In addition, Cryptoquant CEO, Ki Young Ju, is of the opinion that if crypto exchanges experience an increased inflow of USDC stablecoin, Bitcoin may kickstart its bullish move.
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Source: https://coinpedia.org/bitcoin/watch-out-here-is-when-bitcoin-price-will-hit-40k/