The leading cryptocurrency, Bitcoin, had a quiet weekend as it continued its horizontal movements at the $ 26,000 level.
However, BTC, which decreased by 1.47 in the last 24 hours, approached the $ 26,000 limit.
At this point, analysts say that BTC investors are in a downward trend in the short term, but then they expect a period of consolidation until the halving event.
CyrptoQuant analysts wrote in their weekly report that there is still hope for BTC, even though investors are in a downward trend in the short term.
Stating that Bitcoin's recent price performance is very similar to past cycles, analysts claimed that BTC will remain in the consolidation phase until the 2024 halving event.
At this point, CryptoQuant analysts, signaling that there may be a significant price increase in BTC after the halving, which is expected to occur in 2024, said:
“The assessment of the consolidation period in BTC is supported by various long-term valuation metrics, including logarithmic growth curves.
There is also data on the realized cap of short-term user transactions (UTXOs).
“This data demonstrates the absence of widespread speculation among retail investors and reinforces the potential for future price increases.”
Apart from CryptoQuant analysts, FxPro analysts also evaluated Bitcoin's performance.
At this point, analysts stated that the downward trend in BTC will continue for the next few weeks and said, “We expect the price to drop to $ 23,000 due to the general lack of interest in trading risky assets and the absence of catalysts that will move the market.”
BTC continues to trade at $26,189 at the time of writing.
*This is not investment advice.