**Bitcoin Bulls Gain Momentum as Halving Approaches**
*Are The Odds In The Bulls Or Bears Favor?*
As the Bitcoin (BTC) “Halving” approaches, expectations increase about how the flagship cryptocurrency will perform. Bitcoin is recovering momentum after facing a significant correction in the first few days of Q2, and some analysts are forecasting new heights for the number one cryptocurrency soon.
Bitcoin had its best quarterly close during Q1, 2024. Despite BTC’s stellar performance, as Q2 started, the market was dragged by the leading cryptocurrency’s price correction. Since then, Bitcoin has been steadily recovering, testing the $70,000 resistance level over the weekend. As the week started, BTC appeared to have regained support above the $70,000 level.
Crypto analyst Ali Martinez seems to think that Bitcoin’s performance so far reflects a positive sentiment from investors. According to Martinez’s post, the In/Out of the Money Around Price (IOMAP) indicator seems favorable to the bulls. Per the chart, the addresses holding BTC at the support level massively outnumber those holding Bitcoin at the resistance level.
Analyst Forecast Bitcoin To 90,000 Soon
Captain Faibik, another crypto analyst, also seems to perceive more bullish momentum for Bitcoin. In an X post, the analyst suggests that BTC’s “bullish pennant upside break is confirmed on the daily chart.” Due to this breakout, the analyst forecasts a surge to the $88,000-$90,000 price range this month.
At the time of writing, Bitcoin remains above the $70,000 support level, only 5% below its most recent all-time high (ATH) price of $73,373. Despite the positive resistance, BTC’s price performance shows a slight decrease of 2.3% from yesterday. Similarly, its daily trading volume and market capitalization have mildly dropped. Nonetheless, Bitcoin remains 8.4% above its price seven days ago, trading at $70,378. Further bullish sentiment, fueled by the upcoming “Halving” event, could help the largest cryptocurrency by market capitalization consolidate its support above the current levels.
