3 days left until Bitcoin halving

We tell you what is happening in the digital asset market 3 days before the halving and what is being discussed in the crypto community.

What's happening in the market

Bitcoin started the day with sideways movement. As of the time of writing the review, the cryptocurrency is trading at $64,237. Let us remind you that over the weekend the cryptocurrency dropped to around $60 thousand amid the escalation of the conflict between Iran and Israel.

Taking into account the market decline over the weekend, most of the leading cryptocurrencies in capitalization showed negative dynamics within the week.

The fear and greed index increased by 2 points over the past 24 hours. The metric remains in the green zone, but without entering the area of ​​extreme values. This position of the index indicates continued investor interest in cryptocurrency, and the overall dynamics indicate a likely cooling of the market and a decline in prices towards fair values.

According to CoinMarketCap, the capitalization of the crypto market increased by 2.71% per day – to $2.33 trillion. Trading volume, on the contrary, fell by 18.90% to $95.77 billion.

What they're talking about in the crypto community

Representatives of the crypto industry are discussing the likely reaction of Bitcoin to the halving. Many believe that the cryptocurrency will be able to continue to grow after the event. For example, a positive forecast for Bitcoin supported Trader Doctor Profit. In his opinion, the active release of new batches of stablecoins, which are often called the “gunpowder” of the bull market, indicates that BTC is preparing for a new round of growth.

Positive outlook also supported renowned investor Chris Berniske. He recalled the theory of BTC cyclicality and accompanied the post with a graph that compares the behavior of the cryptocurrency by cycle. On it, a black curve indicates the current trajectory of the coin. Comparison with movements in past cycles suggests that there is growth ahead for BTC.

Comparison of Bitcoin behavior by cycle. Source: X

To the optimists joined trader “Coosh” Alemzadeh. In his opinion, movement into the range of $100-125 thousand for Bitcoin is a matter of several weeks.

Analyst Michael van de Poppe in turn warned about the possible consequences of a further correction of BTC. According to his calculations, a loss of the level of $61 thousand could open the way for Bitcoin to $55 thousand.

The potential for further correction is also sees trader Stockmoney Lizards. In his opinion, the Bitcoin chart shows a Wyckoff distribution cycle. A likely loss of support near $60 thousand, he believes, could bring BTC to levels below $53 thousand.