Bitcoin’s value has seen a notable increase, climbing back to $63,800 as the cryptocurrency community anticipates its upcoming halving event, which is scheduled to occur in just over 36 hours. This boost in *BTC* price comes after a period of bearish sentiment among investors towards major cryptocurrencies.
#Crypto markets have seen a boost today, as #Bitcoin has jumped back to $63.8K with just over 36 hours until its #halving event. The crowd has maintained a consistently #bearish sentiment toward top caps, which strengthens the argument for more rising. https://t.co/fPmv7gAQli pic.twitter.com/mAIZa8c5jJ
— Santiment (@santimentfeed) April 18, 2024
Additionally, another analyst pointed out the performance of broader market indicators and individual stocks, mentioning a possible reversal in the overall market trend. This includes speculative optimism about the cryptocurrency sector, with Bitcoin possibly forming a double bottom base, a bullish chart pattern indicating potential upward movement.
Accumulation Trends
Prior to the rise, there was significant activity in the Bitcoin market. Analyst Ali Martinez reported that over 27,700 BTC, which is approximately worth $1.72 billion, were moved into accumulation addresses. This movement occurred as Bitcoin’s price briefly dipped below $63,000, suggesting a strong buying interest at lower price levels.
Despite the general market skepticism towards top-cap cryptocurrencies, the recent price movements have led to a strengthening argument for a potential continued rise in Bitcoin’s value. Analytics firm Santiment noted that the consistent bearish sentiment might actually be a counter-indicator, hinting at further increases in the price of Bitcoin as the halving event approaches.
