Bitcoin is in short-term bullish territory and has almost wiped out the losses incurred of last month that traders had to suffer. With Bitcoin halving approaching, the top cryptocurrency rose by almost 20% in two days at the end of April to hit a maximum of $9400 before coming back to around $8600-$8900 and has remained there ever since.
But, as usual, no expert or trader knows 100% where the price index will go next because the halving is always viewed as a big change that may or may not live up to its hype. Let’s see what the professional traders have to say about the future.
According to Eric Thies, a successful trader:
In two previous halving’s, BTC showed strength by surging to within 40% of the then ATH levels. In each of these prior events, BTC carried on upwards for over a year, and then a year and a half, reaching ATH’s along the way. As of right now, BTC looks to be starting the current track as the previous halving events.
However, Thies noted that future pullbacks cannot be ruled out along the way as the market levels up according to the mood and investor confidence.
Michael van de Poppe, another prominent voice in the crypto trading community believes that $4000-$5000 may never be reached again, but a flash drop to $6000 cannot be taken out of the equation just yet.
He said:
I don’t think it’s likely to see $4,000–5,000 levels again, especially after the halving. However, a healthy retrace seems reasonable, which is likely due to occur after the halving. Potential targets for these areas are a test of 200-Week MA around $6,500–7,000.
This may come true if bulls run out of steam too quickly in the near future and the market faces buyer exhaustion.
According to an anonymous trader Big Chonis Trading who has had some good predictions before, was optimistic yet cautious. He tweeted that a key indicator TD 9, a seller exhaustion level was breached and thus, a sellout could be in the cards for a bit. However, he also pointed out that a future rally cannot be ruled out as 11 days are remaining till the next halving and thus, plenty of time for a FOMO run.
The #bitcoin Halving is in 11 days…Plenty of time for one more FOMO pump…? Hard to ignore though how yesterday’s candle closed, today opening on a TD9… pic.twitter.com/kt56jweXqN
— Big Chonis Trading (@BigChonis) May 1, 2020
Zoran Kole, a crypto analyst believes that the sudden upsurge of the cryptocurrency may leave much to be desired because the bull euphoria won’t be enough on its own to rally the cryptocurrency again. He believes that it was an exhausted uptick and thus could prove to be shortlived. He believes $7000-$8000 could be the next support for the cryptocurrency.
$BTC Update: I personally think the local top is in. Little premature to call it but looks like an SFP of the 9.2 liquidity void. Bears blown the fuck out. Bullievers euphoric. Would want to see 84xx hold for continuation otherwise 7.7-8k is next area of interest to long. #crypto pic.twitter.com/YU84fERpsE
— Zoran Kole [deleveraged] (@Captain_Kole1) April 30, 2020
So, while the community has yet again varying opinions on the future of Bitcoin itself, it is safe to say that the buzz along the cryptocurrency’s halving is expected to bring it more attention in the coming days with possibility open for a bigger rally.
Image source: pixabay.com
Don’t worry, we hate spam too
one weekly digest, just the important stuff.
