Bitcoin (BTC), at the time of penning down this analysis, was trading at $7,750 after having a brief hit above $7.8k. It looks like BTC is having a second round of price accumulation around $7.7k price area after successfully breaching the one around $7.5k. However, if we see a 4-hourly chart, the coin is drawing a notable uptrend but appears accumulating since the previous week, against the US Dollar.
Bitcoin Price Analysis
With less than 20 days left for the halving event to happen, the Bitcoin price trend is appearing flat and accumulating around $7.7k price area. If we look at the historic trends before the halving, there have notable price rallies yet, but this time it seems different, however, not bearish. We believe if the momentum continues the similar way, BTC will be seen accumulating somewhere around $8k around halving.
On the intraday chart, the price accumulation of Bitcoin is noticeable from one price range to another now, around $7.7k, and the major averages to look out for are 50-day and 200-day MA, and 21-day and 200-day EMA. On the intraday chart, the BTC/USD price trend is supported by all the technical averages until there is any downward plunge. However, this happens to be the perfect time to go long and hoard as, after the halving event, there is going to be a supply deficit of Bitcoin in the market, which is going to eventually lead to a price pump if the demand increases then. The selling pressure, at the moment, is nullifying due to the upcoming halving event, which is a bullish speculative demand yet leading to sustainable growth in the price of the cryptocurrency.
A bullish move above $8k before the halving is the major move to watch out for in order to book gains for the investors who longed within the price range of $3.8k and $7k, effectively. Many analysts suggested investing in Bitcoin to make a good profit from it as a halving event in coming. If you also want to make the investment in Bitcoin then visit The-CryptoSoftware.com. It is a platform that can lead you to earn good profit from Bitcoin in a short time.