Based on the upcoming Aug. 14 CPI reading, Bitcoin lost a key trend line when it fell under $63,000, but it could still be on track to recover.
Bitcoin price dipped below a key trendline as analysts eye a potential correction below $55,000 before it can rebound.
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BTC price below key post-halving trendline
Bitcoin’s BTC $59,789 price fell below a key growth trajectory line based on previous Bitcoin halving cycles.
Recovering above this trend line, which is around $63,000, could put Bitcoin back on track to new highs, according to crypto research platform Ecoinometrics. It wrote in an Aug. 12 X post:
“Bitcoin has dipped below its historical post-halving growth trajectory range. If it returns to this range before year-end, we’re looking at a high likelihood of a six-figure value for one BTC.”
Provided that Bitcoin follows the same trajectory seen during previous halving cycles, it could reach over $140,000 during the cycle top in 2025.
Will Bitcoin revisit $55,00 before more upside?
Bitcoin price could still correct below $55,000, based on the upcoming Aug. 14 release of the Consumer Price Index (CPI).
A higher-than-expected reading could lead to another correction, according to pseudonymous trader Crypto Bullet, who wrote in an Aug. 12 X post:
“What a monster bullish weekly candle! Long wick, green body. Strong recovery. […] While I think it’s possible to test $53-55k one last time if CPI comes in hot on Wednesday, I can’t be bearish here.”
However, Bitcoin miner reserves fell to 1.8 million BTC, which is lower than miner reserves at the beginning of March when Bitcoin hit its all-time high, noted verified CryptoQuant author Binhdangg, in an Aug. 12 X post.
Decreasing miner reserves means less upcoming Bitcoin sell pressure, as miners rely on selling Bitcoin for operations costs.
Yet, Bitcoin needs a confirmation above $60,600 for more upward momentum, according to popular crypto analyst Rekt Capital.
The analyst wrote in an Aug. 10 X post:
“Bitcoin is doing all the right things to confirming $60,600 as support so as to position price for a revisit of $65,000+ over time.”
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