Have you not noticed that the price is stuck between below $8,500? Why is it not breaking the strict spell? What are the reasons behind this? It may be due to the fact that traders and investors are waiting for the halving and then devise a strategy to put the next game. On the contrary, there may be some other reasons as bulls are unable to break the web bearish trend.
10,000 seems to be the long-term goal
The value is far below the 200 moving average and a wide gap is seen. The so much distance between the current trend line and 200 moving average is not a good indicator as it takes the bundle of time to be free from this bearish attraction. So, to move above $10,000 is a long term phenomenon.
When the value was clinging at $10,000, some analysts were speculating that $10,000 is the last figure of the year in the next coming days of 2020 and the trend line will bounce back in the upward direction. But on the other hand, some crypto enthusiasts were drawing the support levels at $74,000 and considered it to be the strong level that might cause the mighty bubble in the bullish zone. The price is performing according to the second school of predictions, so, we can expect that this bearish trend is not going to last forever.
Bitcoin with 4.20% in 24-hours
Bitcoin has made a slight recovery of 4.20% in the 24-hours bull race. Is it really a good recovery or just a usual behavior of the coin? It seems to be a repetitive behavior of digital gold from some previous days. The value is swinging between $7,800 and $8,600 and no unnatural move is seen from many days. If it becomes successful to break the resistance level at $8,600 then the next target of the coin is $9,680. But the condition is that it has to cross the given resistance to mark an outstanding recovery.
What Jason says about BTC price after halving?
The halving event of the Bitcoin is coming and the crypto lovers are very excited about it. Most of the experts are saying that an outstanding bitcoin rally is waiting for us. According to John McAfee, the ultimate goal of the BTC in 2020 is $1 million. Jason A.Williams, the co-founder of Morgan Creek Digital Fund, says that Bitcoin will be at $55,000 after the halving occurrence.
”The model predicts a bitcoin market value of $1trn after next halving in May 2020, which translates in a bitcoin price of $55,000.” ~ PlanB
— Jason A. Williams 🦍 (@JWilliamsFstmed) October 20, 2019