- Bitcoin investor Lark Davis commented on Bitcoin putting in a massively important weekly closing.
- Davis stated that it would put BTC above the mid-2021 support, which has acted as resistance for the last three weeks.
- Bitcoin enthusiast Ali explained Bitcoin’s performance as an insight into its 2024 halving.
Bitcoin enthusiast Ali on his official Twitter page, claimed that Bitcoin’s current performance is a deeper insight into 2024’s Bitcoin halving. His comment was a response to the Bitcoin investor Lark Davis’ Twitter post on Bitcoin’s “massively important weekly closing.”
In the early hours of April 14, Lark Davis, via his official Twitter page, shared his opinions about the current performance of Bitcoin, quoting:
Still a few days before the weekly close, but Bitcoin could be putting in a massively important weekly close putting us above the mid-2021 support which has acted as a resistance for the last 3 weeks.
As an immediate response to the tweet, Ali referred to the tweets that he had posted a few days before, commenting on the financial sustainability of the Bitcoin network:
On April 12, Ali shared a series of tweets on his page, providing insights into the future BTC price as well as the 2024 halving, adding that it would be “an event to be watched closely.”
Significantly, an analysis of the BTC price indicated that the cryptocurrency has been climbing in positive inclination, exhibiting a substantial increase in its value over the past few months. The price that stood at around $20,000 in January reached a high of around $30,700 currently, with a 2.1% increase over the past 24 hours.
It is noteworthy that the crypto enthusiast posited that the current price, along with the spike in the fees-to-rewards ratio, directs to Bitcoin halving.
The current spike in the fees-to-rewards ratio suggests the market has entered another accumulation cycle, similar to 2019 & 2020. This indicates a potential price rally leading up to the 2024 Bitcoin halving.
By reacting to the concerns of Davis on Bitcoin’s recent performance that acted as a “resistance” to the past few weeks, Ali reminded him that whatever changes occur to the path of Bitcoin are deeply rooted in the upcoming halving.