- Bitcoin is expected to witness a massive bullish rally in the next 50-100 days.
- The leading digital asset has failed to print gains after the halving event.
- Bitcoin dropped below the $60,000 price level earlier this year.
Bitcoin (BTC), the world’s leading cryptocurrency, could see a massive surge in the next 50-100 days, according to Crypto Rover, a prominent analyst on X (formerly Twitter). The top digital asset went through a halving event in April, cutting the supply available for mining.
In the post, the analyst pointed out how previous Bitcoin halvings have led the market leader to newer all-time highs a few months after the event took place. The analyst hinted that it is possible for BTC to make new highs in the near future as the buying pressure for the digital asset rises.
According to the data from CoinMarketCap, Bitcoin is trading at $59,000 at the time of writing with a 0.71% drop in the past 24 hours. The day started with BTC dropping as low as $57,768.53 and then the bulls taking advantage of the low prices and sending the digital asset to the daily high of $59,896.89.
After the Securities and Exchange Commission (SEC) approved spot Bitcoin exchange-traded funds (ETFs) in the United States, BTC reached a new all-time high of $73,750 in March, but didn’t perform well after the halving event. It looks like the effects of the reduced supply for minting will show up in the last quarter of the year, says the analyst.
In the past seven days, Bitcoin has gone down by 8.10% while dumping by 10.47% in the past 30 days. BTC is down 20.13% from its all-time high and its monthly high stands at $65,593.24. The cryptocurrency’s market cap stands at a whopping $1.16 trillion while its 24-hour trading volume is $27 billion.
The TradingView chart above shows that the Relative Strength Index is at 44.98, confirming that the bears are generally in control of the BTC price action, but the slope of the line suggests that slow movement will continue in the short-term.
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