Bitcoin (BTC) successfully completed its fourth halving event on April 20 cutting its mining rewards to 3.125 BTC. However, this halving is totally different from the previous halving with the BTC pre-halving surge is around 110%.
After this halving event, the king crypto has been acting weird with phases of high volatility and lack of stability.
However, despite the volatility in the Bitcoin price, analysts are looking positively at the crypto and sharing their outstanding predictions and forecasts on social media platform X formerly Twitter.
Decoding Analysts’ Bitcoin (BTC) Prediction
Crypto analyst Ali has recently raised the possibility of the BTC price surging to higher levels soon enough. As part of his forecast, the analyst outlined all the necessary steps for the king crypto to achieve these ambitious goals.
#Bitcoin has been consolidating for 70 days! #HODL pic.twitter.com/wOtqfHBQlN
— Ali (@ali_charts) May 9, 2024
Ali suggested in an X post that BTC price is in a consolidation phase from the last 70 days. He demonstrated in his chart how BTC skyrocketed every time after a tight consolidation period occurred.
Another crypto analyst Seth shared the BTC inflows to accumulation address data from CryptoQuant and shared his views about the Bitcoin whales and their impact on price.
Holy Sh*t! #Bitcoin whales have been accumulating $BTC like crazy.
— Seth (@seth_fin) May 10, 2024
Source Cryptoquant pic.twitter.com/JzcTdgTKJb
He added in his tweet that the whales have been stacking Bitcoin like crazy with a surprising emotion demonstrating positivity in BTC’s long term price action.
Decoding Bitcoin (BTC) Social Sentiment
The Santiment chart given below shows social dominance and social volume demonstrating a mild decline in bars and curves showcasing that the discussions around BTC have dwindled in the crypto media recently.
Social dominance measures how much of the conversation is about one specific cryptocurrency, for instance Bitcoin, compared to all the other crypto-related talks happening. On the other hand, social volume is like counting how many times people mention “Bitcoin” in their conversations.
At press time, Bitcoin crypto’s (BTC) price was trading at $63,046 with an intraday gain of 2.74%, indicating bullishness in the latest trading session. It has a monthly negative return of 8.75% and a positive return of 6.73% weekly showcasing volatility.
BTC has a current market cap of $1.24 Trillion. Many crypto analysts at the moment are optimistic about BTC’s price action and suggest that Bitcoin price could attain higher levels in upcoming sessions.
