What is Bitcoin's next target?
Cryptohopper Newsletter
Market Analysis
The most significant event in the Crypto space has occurred this week, the Bitcoin Halving! Since yesterday the supply of newly mined Bitcoin has been reduced in half, consisting of 900 BTC per day, as opposed to the previous 1,800. Many traders are expecting Bitcoin to surge in value significantly over the next one to two years. With that in mind, let’s analyze the asset’s next move!
Bitcoin can be considered to have been in an uptrend for about two months ever since it hit this year’s low at $3,800 on the 13th of March. The price currently sits at an increase of 135% since then. We have created an uptrending channel based on the highs and lows of BTC over this increase. If BTC were to continue respecting this channel, then we can consider it to be on the oversold side and as such at a good purchasing price.
If Bitcoin were to continue this uptrend, the next higher high it could hit is $10,500. This level is significant for three main reasons: it is the highest price BTC achieved this year, it is the resistance level of the previous bull run which ended in February, and it also acted as resistance during the fast 1-day pump of around 40% on the 25th of October, 2019. If the current trend were to continue its pace, this level should be hit in about three days.
However, if this trend is broken, then we could see the price retest the support at around $7,500. Considering that the last halving in 2016 started with a pull-back, we shouldn’t rule out the possibility of a retracement before bull-run.
Join us at Cryptohopper to take advantage of these swings by automating your trading!
Market Analysis
The most significant event in the Crypto space has occurred this week, the Bitcoin Halving! Since yesterday the supply of newly mined Bitcoin has been reduced in half, consisting of 900 BTC per day, as opposed to the previous 1,800. Many traders are expecting Bitcoin to surge in value significantly over the next one to two years. With that in mind, let’s analyze the asset’s next move!
Bitcoin can be considered to have been in an uptrend for about two months ever since it hit this year’s low at $3,800 on the 13th of March. The price currently sits at an increase of 135% since then. We have created an uptrending channel based on the highs and lows of BTC over this increase. If BTC were to continue respecting this channel, then we can consider it to be on the oversold side and as such at a good purchasing price.
If Bitcoin were to continue this uptrend, the next higher high it could hit is $10,500. This level is significant for three main reasons: it is the highest price BTC achieved this year, it is the resistance level of the previous bull run which ended in February, and it also acted as resistance during the fast 1-day pump of around 40% on the 25th of October, 2019. If the current trend were to continue its pace, this level should be hit in about three days.
However, if this trend is broken, then we could see the price retest the support at around $7,500. Considering that the last halving in 2016 started with a pull-back, we shouldn’t rule out the possibility of a retracement before bull-run.
Join us at Cryptohopper to take advantage of these swings by automating your trading!
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