On-Chain Analysis Signals Potential Bullish Momentum for Bitcoin, Analysts Predict Higher Price Levels

Bitcoin has been in a major consolidation phase, struggling to break past the $28,000 level but with limited downside volatility. On-chain analysis signals a potential bullish momentum ahead, with the Adjusted SOPR (aSOPR) for Bitcoin suggesting explosive growth.

Technical analysis shows Bitcoin forming a pennant pattern, and analysts are bullish on continued price action as long as BTC holds the support of $27,600. Some altcoins, such as Dogecoin, are also showing bullish price action.

Bitcoin $67,149.52

+1.45%

Bitcoin Dogecoin

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Heatwave

The Bitcoin block reward is forecast to halve on April 20th. This is seen as a bullish catalyst for crypto markets. I agree that it will pump prices in the medium term; however, the price action directly before and after could be negative. The narrative of the halving being positive for crypto prices is well entrenched. When most market participants agree on a certain outcome, the opposite usually occurs. That is why I believe Bitcoin and crypto prices in general will slump around the halving.