Bitcoin

Is Bitcoin Going to Have a Trend Revision Unlike the One Seen Post 2012 and 2016 Halving?

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  • Bitcoin price slides back to trade around $9.2k, and over the past 24 hours, BTC/USD kept oscillating between $9.2k to $9.3k price area
  • The uptrend that broke out 2 days back experienced a steep rise, yesterday and for a moment broke above $9.4k
  • Yet again the price of BTC has plummeted below $9.3k, at the press time
  • The entire MCap has dropped notably owing to the market crash in March, but it is still higher with 5 days to go for Bitcoin Halving as compared to the 2016 market and halving

According to historical data, Bitcoin has always shown an amazing price rally before the halving and a price dip after the event. However, this time the situation seems different as we are just 5 days away from the halving event, and a major rule out is yet to happen. But this time, many analysts believe in having a near-term BTC price rally which is likely to take place after the halving, inversing the previous trends. Nonetheless, the price of the crypto has shown an escalation after testing the yearly bottom around $3,200 in March this year.

Is this a new record of the trend apart from what was seen in 2012 and 2016?

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BTC 2012 and 2016

OR

Is it the Coronavirus outbreak that has laid its impact on the crypto space, just like the traditional investment avenues which experienced a massive sell-off?

Now, previously it was halving that pumped enough traction in the market; this time, the dynamics seem to have altered. However, just like the other sectors with variables such as employment, layoff, industries, businesses have a direct relation with the effects of the Pandemic, crypto has nothing to do due to the full course of digitalization.

This brings up the question: Are we going to see a change of trend after BTC Halving 2020?

Although the price of the major crypto—Bitcoin has been on a roar for multiple times over the past month and week, it has been nothing less than an illusion of a bullish breakout soon enough. Moreover, just when the price ramped up from the bottom of $3.2k to $7.5k in April, we have seen an escalation in the figures of trading volumes as well, and multiple attempts of the coin to hit above $9k and $9.2k will be successful once the price surpasses $9.5k.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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