BTC:USD

Bitcoin is simply on a fantastic bullish wave and regardless of major headwinds such as the strengthening US dollar and the rising treasury yields, the price seems to be unaffected. There are some important reasons to consider that it might return BTC to its historic peak of $69,000 and even go above that price.
1. Pre-halving bullishness

The fact that the bitcoin community experiences it as bullish before the halving is known to be based on a theory that has to do with the positioning of bitcoin prices that allows a tendency to reach the very bottom 12 to 16 months prior to a halving event, then followed by an upward trend that continues to the halving point and the following year after that. Traders have a lot to be happy about after going through historical data for the last three halving cycles which shows that there were significant price hikes, although, the majority were above 30%, about two months before the halving event comes into effect which in turn reduces the amount of Bitcoin created by a whooping 50%.
Which is scheduled to happen on April 19, the next halving will limit the coins paid for finding a block from 6.25 BTC to 3.125 BTC. Bitcoin’s founding father, Markus Thielen, owner of 10X Research stated that the price history indicates an average 32% rally within 60 days before the halving.
Presently, Bitcoin scores around $52,000 which means, the historic data of price trend suggest us that perhaps, the prices in the coming time of halving will be close $69,000 to the previous all-time high.
Within close proximity to the Bitcoin halving event, Thielen elaborated on the same being of high probability rose when the crypto community strongly believed that the crypto halving was a bullish event for the Bitcoin. Similarly, the inflated perception of the demand for Bitcoin ETFs seen in the last proof-of-work-based halving reflects this conviction in the TradeFi community as well.
The major bid of stock average products’ spot exchange-traded funds (ETFs) into U.S.-based pools is a key signal warning a bullish expectation among the most conventional investors. These ETFs, regulation in full swing and accessibility being a factor, provide investors with a platform for engaging in the world of cryptos without all of the complexities of storing digital coins.

Monthly RSI Points North

Another indicator supporting the bullish outlook for Bitcoin is the Relative Strength Index (RSI). This momentum indicator, which measures the speed and change of price movements, recently crossed above 80 for the first time since December.

According to 10X Research, in 12 out of 14 similar instances in the past, this kind of RSI signal indicated that Bitcoin’s price would go up a lot. On average, it went up by 54% in the following 60 days. For example, when this signal happened last time, Bitcoin was priced at $48,294.

If history repeats itself (with an average return of +54% in 60 days), Bitcoin could potentially reach $74,600 based on this signal, as mentioned by Thielen.

Conclusion

While past performance is not indicative of future results, the convergence of factors such as historical pre-halving rallies and bullish RSI signals suggests that Bitcoin could be poised for further gains in the coming weeks.

However, it’s essential to remain mindful of macroeconomic factors that could influence market dynamics. Nonetheless, the current macroeconomic environment, characterised by stimulative fiscal policies and expectations of robust global economic growth, appears supportive of increased risk-taking.

Goldman Sachs has increased its year-end projection for the S&P 500 by 4% to 5,200, citing anticipated strong global economic expansion and a decline in the dollar’s value.