I expect 2 scenarios according to rainbow chart prior to halving.
1: White Line (similar to 2020 halving): Bitcoin can reach 50K in March 2023, then revisiting 31K in September 2023, again a bit up and down and rally starts by April 2024 when the price is near 50K. Bitcoin price will be 200K-400K by 2025 end.
2: Pink Line (similar to 2016 halving): Bitcoin can rise steadily without much up and down. It may go to 33K in February 2023. Its price can revisit 27K and rally starts by April 2024 when the price is near 50K. Bitcoin price will be 200K-400K by 2025 end.
I need to mention that Bitcoin has almost never breached below the dark blue colour since its creation. The world was not always joyful before. There were happy and sad days; therefore, I would not attribute U.S. economic stance including its inflation and interest rates, stocks correlations and DXY index, Ukraine war or other geopolitical issues with Bitcoin. It is interesting to know that Bitcoin has been denying to be correlated with these since June 2022. Checking the technical stance, we can see that MACD 12 has beaten 26 in the weekly timeframe which is a bullishness sign. Weekly RSI has also crossed through the downtrend. Some folks say it does not mean it will rise by here and it will hit the top of broken trendline, but the chance of RSI rise is 80% already. To sum up, I think this market is bullish.
1: White Line (similar to 2020 halving): Bitcoin can reach 50K in March 2023, then revisiting 31K in September 2023, again a bit up and down and rally starts by April 2024 when the price is near 50K. Bitcoin price will be 200K-400K by 2025 end.
2: Pink Line (similar to 2016 halving): Bitcoin can rise steadily without much up and down. It may go to 33K in February 2023. Its price can revisit 27K and rally starts by April 2024 when the price is near 50K. Bitcoin price will be 200K-400K by 2025 end.
I need to mention that Bitcoin has almost never breached below the dark blue colour since its creation. The world was not always joyful before. There were happy and sad days; therefore, I would not attribute U.S. economic stance including its inflation and interest rates, stocks correlations and DXY index, Ukraine war or other geopolitical issues with Bitcoin. It is interesting to know that Bitcoin has been denying to be correlated with these since June 2022. Checking the technical stance, we can see that MACD 12 has beaten 26 in the weekly timeframe which is a bullishness sign. Weekly RSI has also crossed through the downtrend. Some folks say it does not mean it will rise by here and it will hit the top of broken trendline, but the chance of RSI rise is 80% already. To sum up, I think this market is bullish.