Bitcoin Price Analysis: BTC/USD Pushed Above $7,500 Can Bulls Hit $9,000 Before May Halving?


Bitcoin
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Bitcoin Price Analysis: BTC/USD Pushed Above $7,500 Can Bulls Hit $9,000 Before May Halving?

  • Bitcoin price soars within an ascending channel to settle above $7,500 in the journey to $9,000.
  • Bitcoin halving volatility seems to be getting in line as the event nears.

Bitcoin price has extended the price action above $7,500 a day after re-entering the $7,000 zone. This bullish action brought back the volatility in the market with the majority of the digital assets breaking some barriers. Ethereum, for instance, rose above $185 and is struggling to clear resistance at $190 while Ripple stepped above $0.19 and now focused on bringing down the resistance at $0.20.

Meanwhile, Bitcoin price managed to clear the hurdles at $7,200 and $7,400. There was also a flash pump above $7,700, however, the momentum was not sustainable. Instead, the price retreated to the current market value at $7,539.

Bitcoin’s trading above $7,500 is a key indicator that a pre-halving rally is likely. This is the second break in the month of April and if sustained could be a stepping stone for gains above $8,000. Bitcoin block reward halving is less than 20 days way and investors appear to be taking their position following the recent confirmation when Bitcoin corrected from lows at $6,750.

Experts in the market have predicted a surge in Bitcoin price to a tune of $70,000 per BTC in the first two years after halving. If past halvings are anything to go by, Bitcoin has a chance to rise above its all-high at $20,000. However, these are not normal times especially with the COVID-19 pandemic in the picture. Therefore, informed investment decisions are necessary.

BTC/USD daily chart

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

Technically, Bitcoin is poised for more action in the European session on Friday as per the RSI. The price is expected to continue trending upwards ahead of the weekend session with the main aim of breaking past the 61.8% Fibo seller congestion zone taken between the last swing high at $10,540 to a swing low at $3,856.

Bitcoin Key Intraday Levels

Spot rate: $7,539

Relative change: 50

Percentage change: 0.67%

Trend: Bullish

Volatility: Shrinking

 

 

Author: John Isige
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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John Isige 680 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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