The charts looked promising and almost tending towards an explosion before the corona virus pandemic hit hard on the global economy blowing the btc/usdt rate well below $5,000 and the total market capitalization below $90 Billion. Following recovery attempts, the btc/usdt pair soared above $6,500 with the market capitalization crossing $100 billion once again, things didn’t continue going upwards however as periodic corrections saw the price return below $6,500 and once again going above this to gain a strong support at $6,500 with price fluctuating between $6,700 —$7,200.
Sitting below $6,800 at the time of this analysis, the price of bitcoin have been one of the biggest speculation in the cryptosphere and arguably in the global market. With just twenty-six (26) days to the most anticipated event in the cryptosphere for the year, the value of bitcoin hasn’t really moved as thought with many factors contributing to the $7k resistance and price holding strong at $6,500. Scarcity breeds value, this is the major drive towards bitcoin halving, reducing the amount of bitcoin mined daily to half the initial amount was expected to at least drive the price to double from a certain point (initially thought to be the $10,000 point) with many analyst predicting price to climb to over $20k by the end of the year.
Is the bitcoin halving already priced in? Probably we have seen the peak at $10k for year already, or maybe the post-halving will see a huge upturned of price. Probability of the later (an uptrend) looks gloomy with several factors holding the price beyond $7k and forming a major resistance at this point with periodic drive towards $7,500 and a strong support at $6,500. We are likely to have seen the peak point during the pre-pandemic periods with the current period of uncertainty shaking hands and causing sell off to strengthen the fiat base as situation around the world continues to worsen.
Expect things to go a bit lower after the halving as price continues to dangle southward and global indexes pointing towards more financial losses with faint flashes of hope for an uptrend. The halving probably already had its influence on the price.
Disclaimer: Information above are speculations and a product of analysis from current data, it is in no way a financial advice, endeavor to do your own research.
Price charts are culled from coinmarketcap.