Image Source: Unsplash

If the past trends repeat, Bitcoin is poised for a large move that could last through most of 2025.

Bitcoin (BTC) is months away from the next halving which is expected to be around April 17, 2024. The halving events have historically resulted in strong price appreciation for Bitcoin and altcoins. While there is no guarantee that strong price appreciation will occur this time, Bitcoin is set up for a strong move higher over the next year and possibly through most of 2025 on a technical basis.

The last Bitcoin halving event in May 2020 resulted in the crypto coin reaching its all-time high of 68,790 in November 2021. This was a significant gain over the low of $3,850 from March 2020. The low point for Bitcoin was probably driven down further by the COVID-19 black swan event in 2020. The price of Bitcoin at the May 2020 halving was $8,590.

Previous halvings also resulted in significant price appreciation for Bitcoin. The first halving drove the price from $12.40 to $1,170 from December 2012 to July 2016. The second halving drove the price from $535 to $19,400 from August 2016 to December 2017. Of course, these large gains were followed by sharp bear markets after the peaks were reached. I find that using the monthly chart can help investors/traders enter and exit Bitcoin to capture and lock in the significant gains that are driven by the halving events.

Bitcoin's Monthly Chart

Bitcoin's Monthly Chart w/ MACD & RSI (tradingview.com)

Continue reading on Seeking Alpha

More By This Author:

Block: Stock Is Set Up For A Large Move (Technical Analysis)
Heritage Insurance Is My Best Value Idea
Vertiv Holdings: Stock Poised To Benefit From Strong AI And Margin Growth