Some days ago price declined to support 2, which coincided with the support zone, but then it rebounded and started to move up and in a short time reached support 1. After this movement, BTC rebounded and soon fell to support 2 back and even later broke this level and declined to the trend line. As well, the price started to trades in a triangle, where it turned around from the trend line and started to rise to support 1. In a short time later BTC broke support 2 and then made a correction to the trend line. Then price rebounded and continued to move up to support 1. Soon, the price reached this level, which coincided with one more support zone and broke it, thereby exiting from the triangle pattern too, after which BTC made a retest and continued to move up. For this reason, I expect that Bitcoin will little grow more, and then start to decline to the support zone. That's why I set my target at the 49000 level.
📊QUICK FUNDAMENTAL LOOK
According to crypto financial services firm Galaxy Digital, the upcoming Bitcoin halving will cause many miners to exit the market. The halving lowers crypto mining profits and can eject less energy-efficient mining machines. The dropoff of miners can be measured by a decline in hashrate, which is the number of times miners try to guess the hash of a Bitcoin transaction block per second. A decline in hashrate implies a decline in online mining rigs and is used as a proxy for miners exiting the market.
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