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Bitcoin Price Prediction: BTC Enters the Pre-Halving Accumulation Period, Time To Buy?

Bitcoin price rose almost 6% after the FTX crisis. It climbed to $17.3k. BTC prices rose more than 3% due to positive sentiments. The CPI inflation came in at 7.1%, compared to the 7.3% expected. CoinGape had earlier reported that Bitcoin rose above the $18k resistance.
Bitcoin’s price is currently trading at $17.807, an increase of nearly 4% over the past 24 hours. The trading volume has increased by 35%. The 24-hour low and highest are $17.160 and $17.942, respectively. The Bitcoin Fear and Greed Index has reached 30 levels, which was the pre-FTX crisis.

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Pre-Halving Accumulation Cycle for Bitcoin Price
CryptoQuant data shows that Bitcoin is entering a pre halving accumulation cycle (blue), after a year-long bearish market. In 2021, Bitcoin (BTC), price formed a double top distribution circle (red). After huge selloffs by miners and whales, the BTC price has now reached a multi-year support zone and confluence zone.
Bitcoin enters the Pre-Halving Accumulation cycle. Source: CryptoQuantInstitutional investors are expected to quietly buy cheap cryptocurrencies similar to the previous accumulation cycle of 2019-2020. Large investors and whales will also be able to buy Bitcoin at lower levels.
Experts believe that selling pressure has been exhausted and that there is only a small amount of unprotected short positions. Bullish macroeconomic news, such as the steady fall in U.S. CPI inflation or the Federal Reserve slowing rate increases, will lead to a new rally to $20k.
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Traders are waiting for a paradigm shift that will create a perfect storm to trigger a short squeeze. It will cause the BTC price break the $19.2 resistance.
According to CoinGecko the next Bitcoin halving event will take place at block 840K in the spring 2024. The BTC block reward will drop from 6.25 to 3.125 dollars.

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FOMC Rate Hike Decision Today
The U.S. Federal Reserve will announce the rate increase at its FOMC meeting on December 14. Jerome Powell, Fed Chair, had previously hinted at lower rates in December and the upcoming months.
According to the CME FedWatch tool, there is a 79.4% chance of a 50 bps rate increase. After the CPI data release, the value rose to 73.5%.
The U.S. Dollar Index has fallen below 104. Although the stock markets have already responded, crypto investors are waiting for the Fed rate hike decision to confirm market bottom.
Also read: How far BTC may extend its ongoing rally?

Bitcoin Price Prediction: BTC Enters the Pre-Halving Accumulation Period, Time To Buy?
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The content presented may contain the author’s personal opinion and may not reflect current market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.

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