Bitcoin Prediction Today: BTC Will Skyrocket Faster

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Analysts see today's Bitcoin price predictions will stick to the "going to halving" and China's view of the major crypto.

A few days before the close of last week, Bitcoin price tends to move North, building on the short-term recovery efforts and expectations.

The bottom level is what is most expected to form near the end of 2022, as the crypto winter that hit completely wiped out most investors investing in late 2021.

Bitcoin (BTC) Price Prediction Today

The latest BTC recovery signal looks quite convincing, when the movement is no longer related to the US technology stock market, there are signs of decoupling that are highlighted from it.

US tech stocks slumped last week, bringing further concerns in the paper asset market, but major cryptocurrencies have rallied.

According to a Forbes report, Markus Thielen, Head of Research and Strategy at Crypto firm Matrixport, sees signs that BTC prices will skyrocket following past price movement patterns prior to the halving.

“Prices started rallying 15 months before the next halving (November 2022) and are likely to end 39 percent from where they traded the previous 24 months. This implies that Bitcoin price will be around US$63,160 by March 2024,” Markus said in a note.

In the past, the halving did bring great excitement to the major crypto markets, where a recovery also took shape before the event. Thielen predicts it will happen again and start in November 2022.

In addition, Thielen also sees that China has the potential to change their attitude towards the crypto industry, influenced by the economic sanctions that Russia has received.

“Saudi Arabia as a third country could turn to Bitcoin, a Web3-based decentralized crypto and blockchain as an “alternative to the US dollar system,” he added.

On the other hand, crypto analyst at Bitbank Yuya Hasegawa sees that, in the short term Bitcoin will still move without any relation to the stock market. He considered the potential support level of the BTC price to be US$19,500.

One of the reasons why US$19,500 is a potential support level is, options traders who buy a US$20,000 put position can lift the price of a major cryptocurrency to stay above that support to secure their cash position.

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