Bitcoin Price Analysis: BTC/USD Mooning To $10,000 Ahead Of The Halving In The Offing

By John Isige
Published May 7, 2020 Updated May 7, 2020
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Bitcoin Price Analysis: BTC/USD Mooning To $10,000 Ahead Of The Halving In The Offing

By John Isige
Published May 7, 2020 Updated May 7, 2020
  • Bitcoin price spikes above $9,300 in readiness for a pre-halving rally to $10,000.
  • As the 50-day SMA closed the gap toward 200-day SMA, incoming bullish momentum could be massive.

After plummeting to $8,400 following the breakout that almost tested $9,500, Bitcoin bulls have kept their interest in check. The desire to stick on the market mainly fueled by the halving in four days. Intriguingly, the price has recovered to settle above $9,000. Moreover, bulls are extending the action above $9,300 towards the end of the Asian session on Thursday.


A Pre-halving rally to $10,000?

As halving draws nigh, a pre-halving rally is on the table. Investors joining the market for a post-halving rally could easily push Bitcoin price above $9,500. However, BTC/USD has the potential to top $10,000 by the end of this weekend.

Bitcoin price technical picture

Bitcoin price is teetering at $9,334 at the time of writing. Its immediate upside is supported by the short term accelerated trendline (broken line). The Relative Strength Index (RSI) has made it back into the overbought region (above 70). This move would continue to encourage more buyers to join the market as their confidence grows. A break past the key hurdle at $9,400 could also boost the price above $9,500.

BTC/USD daily chart

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

On the other hand, the 50-day SMA is closing the gap between the 200-day SMA to show that bullish power is coming and could be a force to be reckoned with. On the flipside, a breakout fails and Bitcoin corrects lower, support to be embraced lies at $8,800, $8,400, the 200-day SMA at $8,000 (aided by the 61.8% Fibo) and the 50-day SMA currently at $7,245.

Bitcoin Intraday Key Levels

Spot rate: $9,334

Relative change: 177

Percentage change: 1.91%

Trend: Bullish

Volatility: Expanding


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
1116 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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