BTCUSD: Another 6 months of sideways trading. Then...

BTCUSD is on a bullish 1D technical outlook and more importantly yesterday's rise pushed the 1W timeframe into technical buy levels (RSI = 55.657, MACD = 575.600, ADX = 23.863). This is more than encouraging as it keeps Bitcoin in Bull Cycle territory, over the 1W MA50. What we should be using as a benchmark is the Halving event. Next one is estimated to be in April 2004, while those prior where on May 11th 2020, July 9th 2016 and November 28th 2012.

We are 24 weeks-168 days before the 2024 Halving. At the same time range before all past Halvings, Bitcoin has been on the 1W MA50 at least. This is why it is very uncouraging that we haven't crossed under it despite basically being sideways for 6 whole months. At the time of the past Halvings, the price was at best (historic max) -47.49% from the ATH at the time and at worst (historic low) -60.57%. This provides an estimated price range at the time of the next Halving between 37200 and 27500.

That means that most likely we have another 6 months of basically sideways action ahead of us until the April 2024 Halving. Then it should take almost as much time to reach the 69800 ATH.

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