Bitcoin predictions becoming optimistic as halving approaches

The last several months have seen a mix of events, feelings, trends, and more, in the crypto industry. Bitcoin price was on the rise due to this being a very important year for the coin, with the third halving approaching.

Then, the COVID-19 pandemic caused the global markets to crash, and even cryptos followed. After that, several more weeks brought recovery, uncertainty, volatility, and alike. Now, the halving is only a few weeks away, and many are still wondering what to expect before, during, or after it.

Traders are going bullish over Bitcoin again

So far, it appears that the traders are getting increasingly bullish. Many of them continue to increase the price of BTC in their bets, as they prepare for the halving to arrive.

One trader made a prediction that the BTC price will hit $8,000 in the near future. The trader pointed out that it is trending within a Symmetrical Triangle. He says that the fractal shows that BTC would likely try testing one top. After that, it will pull back, and then bounce back up strongly and break out of the triangle.

The coin already made multiple moves that would seem much more incredible than that if they were only speculated. However, after seeing it all happen before their eyes, traders are now encouraged to go for various optimistic scenarios.

Where will the coin go?

As for the current state of the market, BTC sits at $7,099, after growing by around 1.76% in the last 24 hours. The coin's monthly top sits near $7,470, which it hit on April 7th. After that, it had another $1,000 crash, followed by another recovery.

The triangle mentioned by the trader is there, and the coin has so far been moving sideways. In other words, it could pretty much go either way, although the halving might be influential enough to move the coin in a bullish direction.

As for the coin's volume, the last 24 hours have seen $35 billion. Historically, traders have been known to become active at certain levels. Both, $6,400 and $8,400 — the monthly high and low — are levels that previously caused increases in activity.

The data shows that $6,400 has a major role as being the historical support, and so the likelihood of a major bounce remains high, even if the coin starts dropping. So, while the trader agrees that the volume profile does not offer much of an edge, it is likely that the coin might surge beyond $8k, and even up to $8,500 if it manages to breach $8,200 before that.