- Bitcoin finds strong support around the lower $8k range
- Bitcoin might experience another major dip before the next price rally
- Bitcoin’s next rally might coincide with the forthcoming halving
Bitcoin News Today – Bitcoin (BTC) has been in a consolidation period for a long time now. The digital currency has been trading sideways with support around the $8,500 mark. That has been the major support level for Bitcoin (BTC) over the past week. Since the digital currency plunged below the $9k level, it has not posted any major upward and downward trend. Many believe Bitcoin (BTC) is consolidating for another major upward movement. However, some analysts believe that the reverse might be the case.
According to some analysts, the price of Bitcoin (BTC) will experience one more major downward correction in the short-term before it starts correcting higher. The analysts are pointing out that the next major rally is likely to coincide with the approaching halving of Bitcoin mining reward.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Finds Strong Support
At the press time, the world’s largest digital currency by market cap is trading up marginally and its current value is $8,534. This marks the second day Bitcoin has been trading sideways around the $8,500 support level. The recent dips of the digital currency have proven that it presently has strong support within the lower $8k level. This is because BTC quickly tested the $8,400 mark before it found enough buying pressure to push it over the $8,500 mark.
The recent price action of Bitcoin (BTC) marks an extension of the slow grind downtrends that the digital currency has been facing since it plunged from its 30-day high of $10,600. The $10,600 mark was set as the height of the meteoric rally of Bitcoin that first started when it hit $7,300.
Bitcoin (BTC) to Experience One More Dip Before Halving
There is support around the present price levels of Bitcoin (BTC). However, analysts are watching closely for one more price dip before it returns to a level that has sufficient buying pressure to act as a catalyst for the next price rally, which could be around the $7k region.
In a recent tweet, a very popular digital currency analyst on Twitter – Mayne – gave his opinion regarding what is ahead for Bitcoin (BTC). His tweet says:
“$BTC: One more down move I reckon. Take out this currency swing low, some more sideways, spring to fill the last of my bids then up. I am building a swing long down here so my stop is wide and my position size is calculated accordingly. Play safe!”