This year seems to be a legit patience-test for all the investors out there, no matter where they have invested. Market bulls are enduring all the pressure present in the space while they keep proving their strength with each rebound. Despite that, bearish shadows are not leaving the market, and this prolonged chaos is causing volatility, which is now too much to handle.
A few days ago, the Bitcoin price was marching above $9800, which hinted a possible rally above $10k. However, BTC, which had never failed before to awestruck the Bitcoiners, has let down everyone’s hopes this time by missing out on a spike to $10,000. The current whimsical nature of the market is keeping Bitcoiners from taking any big move right now, suggesting them to just HODL.
Expressing a similar sentiment, Dan Held, the Director of Business Development at the exchange giant Kraken has tweeted,
HODL your Bitcoin. pic.twitter.com/x6YY6snx9c
— Dan Hedl (@danheld) May 22, 2020
The way Bitcoin bulls are keeping a distance from $10k mark, experts and crypto believers are suspecting a trend reversal. Josh Rager, a strong crypto believer, and Co-Founder at Blockroots.com has shared his opinion regarding the current price trend through a video,
New Youtube Video!
Is a Bitcoin reversal coming? We look at possibilities
Also – we discuss what "Not to Do" during trades and we also give away $200 for our winner this week to one subscriber
Check out the video for your weekend viewing- cheers!https://t.co/soAZeelENO
— Josh Rager 📈 (@Josh_Rager) May 23, 2020
How will Bitcoin Halving 2020 affect its price?
While the long-term perspective may have inclined slightly towards sluggishness, the short-term is most likely to remain a bit bullish, thanks to the recent BTC halving 2020. Just after the halving, the price had seen breakouts on the upside. Here, the strong buying sentiments obviously played its part!!
Also, another aspect that confirms the bullish short-term includes 1-month returns after this year’s halving. BTC is anticipated to fetch profits by 27% over one month after 2020’s Bitcoin halving. In the previous halvings, the profit ratio was lower for a 1-month duration. On the other hand, the year-long performance of Bitcoin’s price was way better than the recent halving in the previous halving.
Talking about the short-term outlook, BTC/USD currently seems stuck below $9500 although, a recent higher low at $9061 gives a very mild bullish sign.
Since Bitcoin pulled back from $9800 instead of marching further, the coin has broken the rising wedge. Recently, the price has been seen consolidating while it has formed a couple of bullish candles. In the last couple of weeks, BTC has formed support levels at $8500 and near $9000.
Technicals are moving on mixed note; the MACD shows extreme bearish sentiment while the moving averages have just traced a bullish crossover.