Bitcoin Nears Historical Bottom Territory, What’s Next For BTC?

Bitcoin has closed about important resistance but continues to move sideways in the last 24 hours as the altcoins sector shows more strength. The first cryptocurrency by market cap might be forming a range between its yearly low at around $18,000 with a top near its previous highs. Related Reading: WATCH: Will Powell’s Friday Speech Send Bitcoin Soaring? Daily TA August 25, 2022 At the time of writing, Bitcoin (BTC) trades at $21,600 with sideways movement in the day and a 7% loss over the past week. Trader Josh Rager shared a potential thesis for the price of Bitcoin and its future performance. The cryptocurrency has historically formed a bottom for a certain amount of time after the Halving. The event that reduces the reward for mining a Bitcoin block, the Halving has been a consistent indicator of BTC’s future performance. In the past, as seen below, every one of these events has been followed by a massive rally. In 2017, Bitcoin rose from below $3,000 to its previous all-time high of $20,000. In 2012, BTC’s price crossed the $10 barrier and rose above $100 for the first time since its inception. In 2020, Bitcoin went from a low of $3,000 to its current all-time high of $69,000. Each of these massive bull runs was followed by downside price action, similar to what BTC’s price has seen since late 2021, and long consolidation periods. Bitcoin can spend years moving sideways in a range before breaking out into price discovery....