- Bitcoin bulls are still intact
- The price of Bitcoin could surge to $15k gradually prior to the halving – Satoshi Flipper
- Bitcoin’s forthcoming halving will drive its price enormously
Bitcoin News Today – This year has been a great one for Bitcoin (BTC), as the digital currency had a very good start. Bitcoin surged from its late-2019 lows of $6,400, changing the structure of the digital currency market to greatly favor the bulls. The massive rise in BTC price made many investors believe that these lows will market a long-term bottom for the digital currency.
Nevertheless, this optimistic belief is not unwarranted as several fundamental and technical factors are suggesting that Bitcoin will soon see an enormous extension of its recent uptrend. According to an analyst, the BTC rally seen over the past couple of weeks is the early stages of the next parabolic bull run of Bitcoin (BTC). This means that the digital currency could test a new all-time high in the coming months.
Bitcoin (BTC) Price Today – BTC / USD
BTC Could Surge As High As $15k before Halving
One factor that could significantly drive the price of Bitcoin (BTC) upwards is the fact that the forthcoming halving event of Bitcoin is a historically bullish catalyst. It is crucial to note that although the technical impact of the reduction of inflation that results from this halving is fundamentally bullish, analysts are divided on whether the near term impact will catalyze any momentum or not.
Nevertheless, analysts believe that hype from investors as a result of this event will help push the price of BTC to notable heights a few weeks or months prior to the event. A popular digital currency analyst on Twitter – Satoshi Flipper – told his 40k followers on Twitter that the bottom of Bitcoin is in.
He is expecting the price of Bitcoin to slowly surge to the $15k mark before the halving event, which is set to take place in May this year. In a tweet, he said:
“I’m predicting $BTC to slowly grind to 15k in the run up to the halving. Only 3 months away. Bottom is in. The increase in demand is pretty clear. And the demand is too strong for any deep retraces during this halving run up period. IMO,”
Bitcoin Breaks over a Seven-Month Falling Wedge
In addition to the forthcoming BTC halving event acting as a basic bullish catalyst, Bitcoin also just broke over the formation of a falling wedge that was created over a period of seven months. This is a sign that has preceded parabolic upwards trends historically. In a tweet, CryptoWolf – a crypto analyst – said:
“I’ve outlined 10 key points of $BTC. The latest one, the 10th point, is the breakout a 7- months Falling Wedge structure. The journey to ATH has just begun,”
I've outlined 10 key points of $BTC.
The latest one, the 10th point, is the breakout a 7- months Falling Wedge structure. The journey to ATH has just begun. pic.twitter.com/ODaZ53n2Bh
— CryptoWolf (@IamCryptoWolf) January 22, 2020