Will Bitcoin’s Halving Spark a Major Bull Run?
Hello, everybody!
PrimeXBT would like to call your attention to a special analysis overview of BTC/USD.
Bitcoin’s halving is just 120 days away and during past cycles, Bitcoin would rally ahead of the halving, which would be followed by a short-lived selloff that would occur just before the actual event. Each time the price of the crypto asset rebounded following this selloff, and a new bull run began.
The idea is that the reduced supply entering the market from miners causes the price of the asset to rise. As to how high it will go is anyone’s guess, but optimistic long-term predictions are in the hundreds of thousands to over a million dollars per BTC.
From an entirely objective point of view, Bitcoin’s weekly close was bullish; the cryptocurrency regained the key support of $8,000 on a weekly basis, managing to put in a higher high, and thus setting the stage for a further uptrend.
Also, the price of BTC could fall as low as $6,400 in the near-term, which is lower than the mid-December 2019 low, by the start of February — a daily close under the uptrend line that exists around this price level would open the door to BTC reversing its dominant short-term uptrend.
This would represent a 23% drop from current levels and would line up with a number of analyses that suggest that the cryptocurrency market will see one final shakeout before a return to a decisively bullish state.
Although the similarities should not be ignored, there are a few key bull signals which you can find below in the attached charts.
Remember to share your thoughts about the current market situation in the comments section below.
Best of luck with your upcoming trades!
PrimeXBT would like to call your attention to a special analysis overview of BTC/USD.
Bitcoin’s halving is just 120 days away and during past cycles, Bitcoin would rally ahead of the halving, which would be followed by a short-lived selloff that would occur just before the actual event. Each time the price of the crypto asset rebounded following this selloff, and a new bull run began.
The idea is that the reduced supply entering the market from miners causes the price of the asset to rise. As to how high it will go is anyone’s guess, but optimistic long-term predictions are in the hundreds of thousands to over a million dollars per BTC.
From an entirely objective point of view, Bitcoin’s weekly close was bullish; the cryptocurrency regained the key support of $8,000 on a weekly basis, managing to put in a higher high, and thus setting the stage for a further uptrend.
Also, the price of BTC could fall as low as $6,400 in the near-term, which is lower than the mid-December 2019 low, by the start of February — a daily close under the uptrend line that exists around this price level would open the door to BTC reversing its dominant short-term uptrend.
This would represent a 23% drop from current levels and would line up with a number of analyses that suggest that the cryptocurrency market will see one final shakeout before a return to a decisively bullish state.
Although the similarities should not be ignored, there are a few key bull signals which you can find below in the attached charts.
- Resistance Levels: $8450, 8300
- Support Zones: $7930 - 7710, 7180 - 7105, 6635 - 6485
- Support Levels: $7848, $7115, $6612
- Market Cap: $147 495 764 324 USD
- Volume (24h): $22 010 276 478 USD
- Circulating Supply: 18 158 700 BTC
Remember to share your thoughts about the current market situation in the comments section below.
Best of luck with your upcoming trades!
Dagangan aktif:
BTCUSD's price has almost reached our first target
Dagangan ditutup: sasaran tercapai
Komen:
Will History Repeat Itself? Our Bitcoin Price Forecast
