Is Bitcoin Following the Pre-Halving Trajectory? Examining the Future Growth Path

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The Bitcoin price experienced a notable push after the FOMC interest rates were increased by another 25 basis points, which is said to be the highest in its history. Just before, the release of the fresh rates, the social volume of Bitcoin and queries surrounding the BTC price spiked extremely high, indicating fear among the market participants. This may have led to a marginal jump in the price, which is trading around $29,460. 

While the bulls and bears continue to battle for supremacy, the question arises whether the BTC price is following the pre-halving trajectory or has missed out on the path.

Bitcoin continues to accumulate within the narrow regions of the past few months, indicating a drop in volatility despite the volume remaining consistent. Interestingly, despite the ongoing price variation, the BTC price exhibits a perfect pre-halving phase. 

Source: Twitter

As mentioned in the above chart, the BTC price is following a similar pre-halving phase as before and may soon end up consolidating below the current levels. The price is believed to maintain a horizontal consolidation below $30,000 for some more time and experience another two rejections before triggering a bullish breakout as it did before. 

The BTC price underwent a nice upswing in the last trading day and is expected to witness a rejection; hence, a short-term consolidation does not seem to be over any time in the near future. Considering the long-term price forecast, a breakout may be expected soon, with year-end targets between $45,000 and $50,000 followed by a retest to $35,000 to $40,000. Hereafter, a bull run may begin, lifting the price towards the new ATH.