Anticipation builds for Bitcoin halving event

  • Bitcoin surges to a two-year high above $50,000, fueled by anticipation for the upcoming halving event.
  • Despite overbought conditions, Bitcoin might remain bullish, aiming for potential gains of 5% at $55,000 and 15% at the $60,000 psychological level ahead of the next halving in two months.

Bitcoin is currently holding strong above the $50,000 mark in anticipation for the event known as “the halving.” 

The Bitcoin halving is a regularly scheduled event that occurs approximately every four years, where the reward for miners is halved. Historical data indicates that after each halving event, Bitcoin’s value surges. The last halving event in 2020 propelled Bitcoin to an all-time high of $69,000. 

With the next halving event two months away, Bitcoin might be looking bullish, with higher highs recorded within an ascending parallel channel. Although, the Relative Strength Index (RSI) is in overbought territory at 80, and Wednesday saw the first down day after 7 days of gains. Even so, previous overbought conditions in the RSI didn’t cause the expected pullback though. 

Buying pressure could lead Bitcoin to target 5% and 15% gains, with the first being the $55,000 level, and the second being the $60,000 psychological level. 

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