With a drop of more than 4%, the global crypto market cap has slashed to close to $1.02 trillion, while the trading volume soars by more than 100%. Besides, the dominance of Bitcoin continues to soar, rising above 47.5% at the moment. Hence, the altcoins are suffering from an extended bearish trend as the BTC price drops heavily by more than 4%, sliding below $25,000.
Interestingly, Bitcoin is trading at the same price action associated with the date of the halving. It usually repeats the consolidation formation below a resistance before the second halving. Therefore, if the previous trend repeats, the BTC price is believed to move along the channel and finally leave the channel after the fourth halving.
Source: Twitter
As seen in the above chart, the BTC price appears to be at a similar support level to where it was trading in 2015. If a similar trend repeats, the price appears to be at the foothills of a massive explosion that may lift the price beyond $100K after the fourth halving in April 2024. Therefore, the current consolidation could indicate an upcoming massive upswing.
Besides, other factors may also contribute to the Bitcoin price rally. Blackrock, the world’s largest asset manager, is about to file a Bitcoin ETF, according to some sources. A Bitcoin ETF would potentially ignite the next bull run. However, it may burn another wave of new adopters as they fail to take self custody of their wealth. Considering the current price action, the Bitcoin (BTC) price may be subjected to a descending consolidation, which may further trigger a massive bull run.
