Bitcoin Can reach above 18000$ before next halving - LONG
We are just a few months away from next bitcoin halving, which has been a bullish catalyst for Bitcoin in the past. The Crypto community is looking positive about halving, and everyone is expecting a bull run.
Let's dig in how bitcoin performed few months last having and using past data points we will try to predict the upcoming price action for bitcoin.
The last halving took place in July'16. Bitcoin consolidated in a range 350-460$ for 5 months before it broke out from this range in May'16 - Just two months before halving. Bitcoin recorded 120% Gain from the bottom.
What to expect from Bitcoin before the next halving?
Consolidation is what Bitcoin needs right, the more it consolidates there will be a greater chance to start a bull run before going into halving. The next halving is scheduled to take place on May 20- which is 7 months away.
I am expecting Bitcoin to consolidate in range (7500-8500$) for a few more weeks, the longer the consolidation - great chance of a breakout. Bitcoin recorded over 200% gain after coming out from the last consolidation which happened in the first quarter of the year.
Bitcoin can reach 18000$ only IF
- Price consolidates in 7500-8500$ range for a few more weeks/months.
- Price should not lose 7200$ Level, which is also a 21MA on Monthly timeframe.
Let's dig in how bitcoin performed few months last having and using past data points we will try to predict the upcoming price action for bitcoin.
The last halving took place in July'16. Bitcoin consolidated in a range 350-460$ for 5 months before it broke out from this range in May'16 - Just two months before halving. Bitcoin recorded 120% Gain from the bottom.
What to expect from Bitcoin before the next halving?
Consolidation is what Bitcoin needs right, the more it consolidates there will be a greater chance to start a bull run before going into halving. The next halving is scheduled to take place on May 20- which is 7 months away.
I am expecting Bitcoin to consolidate in range (7500-8500$) for a few more weeks, the longer the consolidation - great chance of a breakout. Bitcoin recorded over 200% gain after coming out from the last consolidation which happened in the first quarter of the year.
Bitcoin can reach 18000$ only IF
- Price consolidates in 7500-8500$ range for a few more weeks/months.
- Price should not lose 7200$ Level, which is also a 21MA on Monthly timeframe.
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