Bitcoin Price Analysis: Is Bitcoin ‘Loaded Gun’ Pointing To $10k? What To Expect Post-Halving?

By John Isige
Published May 12, 2020 Updated May 12, 2020
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BTC/USD price chart
BTC/USD price chart by Tradingview

Bitcoin Price Analysis: Is Bitcoin ‘Loaded Gun’ Pointing To $10k? What To Expect Post-Halving?

By John Isige
Published May 12, 2020 Updated May 12, 2020
  • Bitcoin halving takes place but price action remains stable; halving effect likely to kick in at the end of the Q2.
  • Bitcoin price is getting ready to shoot to $10,000 after confirming the support at $8,400 and $8,200.

Bitcoin halving went smooth smoothly as expected. However, the price action remained largely unchanged with BTC stabilizing between $8,500 support and $8,700 resistance. Many people in the industry expected a rally in the price during the halving process, however, history suggests that the impact of halving is usually gradual. Therefore, investors can expect a stronger bullish momentum towards the end of the Q2 and a significant breakout towards the end of 2020 and in the course of 2021.

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Following the breakdown over the weekend when Bitcoin price nosedived from levels close to $10,000 to $8,100, a recovery has been steady but gradual within a short term ascending channel. The first attempt to recovery following the drop hit a snag at $8,800 as shown on the 30-minutes graph. Rejection from this level confirmed another support at $8,200. BTC/USD launched another attack stepping above $9,000 on Monday. However, the seller congestion at $9,200 cut short the action.

Consequently, Bitcoin dived below $9,000 and this time confirmed the supports at $8,400 and $8,200 during the halving process. An ongoing recovery suggests that BTC/USD is about to launch another attack at the resistances; $9,000 and $9,200. The main target for the bulls is $10,000 but they must deal with the resistance at $9,500 and $9,800.

At the time of writing, Bitcoin is valued at $8,670 and battling resistance at the confluence formed by the 50 SMA and the 100SMA. According to the RSI, a consolidative price action is likely to take precedence before the ultimate breakout above $9,000.

BTC/USD daily chart

BTC/USD price chart
BTC/USD price chart by Tradingview

Bitcoin Intraday Key Levels

Spot rate: $8,670

Relative change: 95

Percentage change: 1.16%

Trend: Sideways action (consolidation)

Volatility]: Expanding

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
John Isige
1120 Articles
John is a talented writer with over two years of experience actively contributing to the cryptocurrency industry by providing credible, interesting and easy to read the content. His main focus is on cryptocurrency price analysis and industry news coverage. Lets follow him on Twitter at @jjisige

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