- Bitcoin (BTC) is still in a bearish zone
- Bitcoin (BTC) Is On Track for Massive Post-Halving Bull Run
- Some Analysts Believe Halving Might Disappoint Investors
Bitcoin News Today – Over the past couple of weeks, Bitcoin (BTC) has been trapped in a sideways trading session. The sideways trading of the coin has caused it to lose almost all the gains it amassed during the massive rally in late-October. This has paved the way for potential further losses in the short-term.
Nevertheless, despite the short-term bearish nature of the coin, investors and analysts widely anticipate the forthcoming BTC mining rewards halving to spike a massive pump similar to the ones seen in years past.
Bitcoin (BTC) Is On Track for Massive Post-Halving Bull Run
At the press time, Bitcoin (BTC) is trading at $7,300 after an increase of less than one percent over the past twenty-four hours. This is a considerable increase from the low of $6,700 that the digital currency recently tested. The ability of Bitcoin to finds firm buying pressure in the upper $6k zone shows that it is a robust support level that could bolster the short-term price action of the digital currency. Nevertheless, it is crucial to note that the digital currency is within a strong downtrend and it will not be invalidated without a massive uptrend.
Bitcoin (BTC) Price Today – BTC / USD
# Name Price 24H % 1 $9,849.52
However, looming over this short-term bearishness is the forthcoming halving event of BTC. This event might help provide the digital currency with some highly needed uptrends that negate the dreary price action it has been facing over the past weeks.
A popular digital currency analyst on Twitter – Jonny Moe – shared his opinion regarding this in a recent tweet. Moe said that BTC is still “right on track” to incur a price rally after the halvening. He made this comment in reference to a previous tweet in which he said that Bitcoin would not likely see a fresh all-time high until after the halving event takes place. In a tweet, Moe explained:
“If we follow the last 2 halvings, we won’t set a new ATH until AFTER the halving, projected for May 2020. With that in mind, I’m looking for us to consolidate through the rest of this year, and begin making a run at $20k next year,” Moe explained.
Some Analysts Believe Halving Might Disappoint Investors
Another crypto analyst has released a note of warning to investors not to get too excited about the forthcoming event. He said that the bearish price of Bitcoin going into the halving is abnormal and it could spell trouble for where it goes next. However, only time will tell if next year will be the year BTC will see a new all-time high.