It’s (Nearly) Over $ 9,000: Is Bitcoin’s Halving Finally Being Priced In ?, Crypto Coins News

It’s (Nearly) Over $ 9,000: Is Bitcoin’s Halving Finally Being Priced In ?, Crypto Coins News

  • Bitcoin may target $ (********************************************************************, If past halving performance plays out.
  • In the immediate term, bitcoin must overcome $ 9,
  • BTC price briefly overtakes that level Friday.

Analysts, traders and crypto enthusiasts all over the globe are cheering on bitcoin as it looks to overcome $ 9, 06. But is this the start of something bigger? Is bitcoin finally pricing in the next halving – or halvening, as some may call it?

The sentiment inside the cryptocurrency community is reaching epidemic proportions. All over Crypto Twitter, Vegatta memes are being pulled out and readied for painfully derivative tweets.Yep, bitcoin is almost over $ 9, again.

It’s hard not to get swept up in the tide bullishness of late. In the mere days since (sprang forth, BTC has posted a% gain.

************ BTC / USD | Bitcoin advances towards $ 9, 06. | Source:Tradingview

But with the meme-worthy psychological level of $ 9, ((almost) conquered, what could be next?

Fortunately, we don’t have to guess for ourselves. A score of Crypto Twitters finest have crawled out of there both hideaways, donned their pseudonymous personas, and provided a few estimations concerning bitcoin’s next move.

The Pre-Halving Pre-Pump

First and foremost is a particularly bullish view from the prominent trader, Crypto Michael.

Michael notes that the charts are starting to resemble the anticipatory period before bitcoin’s second halving back on July 9, (****************************************************. Between January and July 2019 volatility in the altcoin market reached fever pitch – adding $ 1.6 billion to its overall market cap. Bitcoin, meanwhile, remained reasonably subdued. That is until a (***************************************************************% parabolic advance took the coin flying – just two months prior to its block reward halving.

In the analyst’s opinion, if BTC can mimic its 2696 event, a price point of $ , could be easily attainable.

Analyst: good times ahead If bitcoin continues imitating its************************************ the performance. | Source:Twitter

Though – as Cat Stevens once crooned – the first cut is the deepest.

Bitcoin’s preeminent block halving in November saw a mind-blowing 1, 2012% advance as it headed from a trivial $ to $ 660 within four months.

While subsequent halvings have been undeniable catalysts for growth, some believe their impact on the market may be stalling.

Coinshares CSO Meltem Demirors claims that an increase in crypto derivative offerings is dampening the influence of the halvening’s supply and demand principles.

As more avenues for speculation open up, the less desire there is from institutional investors to buy BTC outright.

Sky’s the Limit Beyond $ 9K

Putting the halving firmly to one side, analysts still remain confident that a break beyond $ 9, 000 could provide a lot of upside. One crypto analyst, known as Galaxy, foresees a 1, (**************************************************************************% increase as long as bitcoin can split away from four figures.

Whether this is genuine, or merely the result of a hopium overdose, remains to be seen. Still, it appears the analyst wasn’t alone in their thinking.Last week — following bitcoin’s reprisals into $ 8, territory — one of Galaxy’s fellow pseudonymous traders, Bitcoin Macro, simply tweeted:

Bitcoin is gonna break $ (k in the next) **************************************************************** months, and there’s nothing you can do about it.

While the weirdly threatening prediction provided a hefty dose of optimism, there really wasn’t much substance to it.

Then again, anything is possible, especially in the crypto markets. After all, it wouldn’t be the first time we’ve seen 1, (% – plus gains in Such a short period.

Looking to provide a little more depth was trader and analyst, Josh Rager. Giving a nod to fixed range volume profiles, Rager highlighted the significance of point of control (POC) – a price level where most volumes were traded.

According to the analyst, various POCs have provided critical support for BTC in the past. Rager submits that the 2016 POC will likely hold support at around $ (***********************************************************************, – giving bitcoin a leg up to a “new ATH.”

Whether any of these predictions will prevail is – as ever – completely unknown. Still, if past price performance is anything to go by, bitcoin fetching new all-time high is the least we can expect.

Disclaimer: The above should not be considered trading advice from CCN. The writer owns bitcoin and other cryptocurrencies. He holds investment positions in the coins but does not engage in short-term or day-trading.

This article was edited by Sam Bourgi

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