The long-awaited Bitcoin Halving is now 1.5 months ago and so far not too much has happened with the Bitcoin course. While many predicted this to be the case, there was great euphoria especially among newcomers to the crypto area around the halving. This should have subsided again at a plus of 6% since the halving.
In the past few months and in 2020 as a whole, the magical five-digit limit on a Bitcoin price of USD 10,000 has proven to be a particularly difficult hurdle to overcome. Since halving, BTC has failed twice to overcome this mark. Many experts and traders agree that this psychologically important limit for the growth of the course must be permanently exceeded. But when will the Bitcoin price rise above USD 10,000 again?
Bitcoin course has already failed twice
The Bitcoin rate has dropped a lot since last Monday, June 22nd. While it was trading at just under $ 9,700 on Monday, it is only around $ 9,150 today. That makes a huge minus of USD 550 in 5 days and further diminishes the hope of a quick rally after the halving on May 11th.
As mentioned, the brand at a five-digit Bitcoin price of USD 10,000 is particularly crucial. But why? Over the past few weeks and months, this limit has repeatedly shown itself to be a decisive resistance to the development of the price.
The bitcoin price has tried to overcome this hurdle twice since halving. The crash below the $ 10,000 came back as quickly as the pump over the mark.
The first time was just a few days before the halving, more precisely on May 7th, when the Bitcoin price scratched the $ 10,000 mark. The second time, the Bitcoin price surpassed the five-digit level in a kind of pump & dump, in which the price shot up from $ 9,600 to $ 10,200 within half a day, only to drop to below $ 9,600 a few hours later.
When does the breakthrough come?
So, as we just worked out, a $ 10,000 Bitcoin rate is crucial for a sustainable rally that may catapult the BTC price back to its all-time high of $ 20,000 and more. This is easier said than done, however, as the brand has acted as massive resistance several times in the past few weeks. So when does the breakthrough come?
According to Matt Maley, Chief Market Strategy for Miller Tobacco + Co, the momentum is crucial for the Bitcoin course:
I have to admit that I am surprised that Bitcoin has not done much lately, given the speculation that more central banks are dealing with cryptocurrencies in general. If it can rise above $ 10,000 in any significant way, it will take off in a moon shot. Momentum is an extremely important driving force on the market right now, so if Bitcoin - which is not alien to Momentum - can break out, it will fly.
So the only question is when the Bitcoin rate can build that momentum again. However, this question can only be answered with a glass ball and good luck. All skeptics, however, can now be said that the past two halvings have shown that a few months of "doldrums" after the halving are normal. So we can look forward to exciting next months and see whether the BTC course will sooner or later exceed the $ 10,000 mark.