posted an all-time high of $73,835 on the 14th of March according to data from Coinbase. It has broken its previous ATH before the halving, which is expected to occur on theThis did not occur in the previous cycle when BTC was trading at $9k, just under half of the 2017 high of $19.9k. This led toIn a post on X , Rekt Capital explored the idea of how history continues to repeat. In 2020, BTC began to rally before the halving event and settled into a 35-day retracement.
The chart highlighted that the parabolic bull run did not commence until 23 weeks after the date of halving. The 2020 run saw BTC quickly go into price discovery and continue to soar skyward till it reached $69k 55 weeks later, or just over a year. If 15th April does turn out to be the date of the halving event, then the true bull run of Bitcoin could commence 23 weeks later on the 23rd of September, 2024. Again, this is based on the analyst’s perspective that history is repeating itself.Since prices are attracted to liquidity, AMBCrypto decided to rely less on history and more on the liquidation levels heatmap to understand where Bitcoin could move next. The $73.
The $74k level had $19 billion in estimated liquidations. In terms of support, the $64.6k-$65.8k had multiple liquidation levels worth $8 billion as estimated by Hyblock data. Therefore, it was likely that the current Bitcoin dip would halt at this support zone.Akashnath is a Chemical Engineering graduate deeply fascinated by Technical Analysis and the crypto markets and enjoys studying price movements and trying to find patterns.Subscribe to get it daily in your inbox.