A significant shift in momentum has been witnessed in the past few days, wherein AI and DeFis are gaining huge attention and have also recorded an increase in volume. Besides, the prices of the top two cryptos, Bitcoin & Ethereum, are stuck within a narrow range. While the value of BTC is struggling hard to hold $51,000, ETH’s price is inching close to $3000.
In such a scenario, what can we expect from the flagship crypto by the end of the month? Will it revive the pre-halving rally and reach its ATH or maintain a sideways trend below $55,000?
The market sentiments continue to remain positive despite the recent price variations, as the bulls are making every effort to hold above resistance. Although the volume remains lower than required, the price has defended the local support, indicating that the bulls hold significant strength. However, marking a new ATH that is around 35% distinct from the current, a popular analyst, Michael van de Poppe, believes the price to reach the local top is between $54,000 and $58,000 before the halving.
In the meantime, the altcoins are believed to range strongly and mark their respective targets, which may be followed by a harsh correction. The BTC price faced major turbulence in surpassing the crucial $52,700 as the bears quickly dragged the levels lower after marking new yearly highs close to $53,000. The descending trend has compelled the price to test the lower support but the rebound that was initiated in the early trading hours turned the tables for the BTC price.
With the rebound, the Bitcoin bulls have exhibited a strong presence. However, the current trade setup indicates the price may eventually drop below $51,000 and retest the lower support zone. Beyond this, the BTC price is believed to trigger a rebound and head towards the potential target between $54,000 and $56,000. However, the price may fail to reach its ATH at $68,789.63 before the halving and could make it after the event.
