A crypto analyst has claimed that the price value of Bitcoin may hit $8200 mark before it comes down to the bearish zone.
BTC bulls and bears war is still there but currently, Bitcoin bulls are taking its price value in the upward direction. Recently, on Friday, Bitcoin saw a recovery and reached the $7500 level and is currently trading above this key level.
Bitcoin to hit $8k-$8.2k before coming back to $6.5k-$6.8K
A crypto analyst named @CryptoMichNL has said that Bitcoin firstly would see the bullish behavior and then it would again come in the bearish zone. He said that these are the standard crypto games and Bitcoin is following these standard games.
He has claimed that Bitcoin is likely to surge to $8000-$8200 area then it would reverse its direction and would come back to the $6500-$6800 area.
I would not be surprised if we hit $8,000-$8,200, before we come back to $6,500-6,800 for bottom confirmation.
Just to make everyone bullish at the first and bearish at the second.
Standard crypto games. $BTC
— Crypto Michaël (@CryptoMichNL) December 6, 2019
May 2020 BTC halving may accelerate its price surge
The next bitcoin halving is very near and will be held in May 2020. Some people say that this upcoming bitcoin halving event may sharpen the bitcoin price surge.
A crypto analyst @BitcoinEinstein said that the upcoming bitcoin halving event is the main catalyst for the growth of Bitcoin. He presented a chart on Twitter supporting his view.
— Crypto Einstein (@BitcoinEinstein) December 6, 2019
Bitcoin Price may decrease after halving
Though some people are saying that the Bitcoin halving event will have positive impacts on its price growth, others think that it will not influence the bitcoin price to surge.
Jason Williams the co-founder of the Morgan Creek Digital believe that after this halving event, the price value of bitcoin will decrease instead of surging. The reason behind this is that in the upcoming halving event, miners will get fewer bitcoin. So this will result in a decrease in bitcoin’s price.