After nullifying the impact of the bearish formation, Bitcoin price soared high to mark fresh highs for 2023 at $31,000. However, the price quickly dropped after facing rejection and trading just below $30,000. The price has been following a significant trend ever since the rebound from the recent lows of around $20,000. And hence, if a similar trend continues, then the price may witness a massive price action toward the immediate resistance very soon.
However, considering the current trading setup, Bitcoin’s price is expected to witness a significant drop below $29,600, or about 3% from the current levels. The price appears to have fulfilled the first two impulse waves of falling from $30,287 to $29,430 and rising from $29,430 to $29,629.92. However, the price currently appears to be at the foothills of the next wave, which may lift the price from $29,430 to levels above $30,000.
The above chart shows the price testing the crucial resistance, which may further trigger a gain in price action beyond $30,000. Alongside, the miner’s revenue also made a notable jump and stood at $27.34 million per day, which is the highest level since June 2022. The revenue had dropped to around $15 million to $21 million in the last two quarters of 2022.
Alongside, Bitcoin is closely approaching the halving event, which is just 12 months away, and a significant impact on the price is speculated. During the halving, the BTC rewards are reduced by half, which decreases the rate at which new BTCs are created. This makes the token more scarce, which in turn raises the value of the crypto. Looking back at the previous halving events, the BTC prices have soared significantly high.
Now the price is a much stronger position than the previous rallies, Bitcoin is expected to display a massive price action before the halving and kick-start a strong bull run later.
Source: https://coinpedia.org/price-analysis/the-next-3-big-steps-for-the-bitcoin-price-heres-where-the-btc-price-may-reach-this-month/