Bitcoin is just eight days away from halving 2020, and the cryptocurrency market has flooded with speculations. So much so that, the BTC-halving craze is trying to subside the C Pandemic fear.
Some of the whales are suggesting BTC price would crash after the reward reduction, and “halving is priced in.” At the time of writing, Bitcoin is hovering at USD 8,695.15 (-4.45%) and struggling to hold a substantial resistance at $9000. Some traders are targeting the price could move from $9.4-$9.6K zone.
If we go by the opinions of market analysts, bitcoin price can see new highs- if the upsurge continues- through BTC needs a stiff resistance at $9000 to fly high post halving event.
Just in a few days, on 12 May, Bitcoin block reward halving is going to take place. However, the mixed speculations are suggesting “sell the news”- meaning, the price drop is going to transpire following the halving event while the anticipation is also on the side of the bullish trend.
Supposedly, if BTC climbs up following the halving event and able to break its 315-day cycle, the traders can witness a sharp upsurge. Though, it’s becoming hard for the top-performing cryptocurrency due to its earlier five consecutive failed attempts at an extended rally seen in the past days.
Hopes On Bullish Momentum Continue Post Bitcoin Halving
The prominent Bitcoin analyst Brian Kelly posted on this official Twitter handle on how Bitcoin halving can be a significant boost in the cryptocurrency adoption and BTC price run-up.
Reportedly, Kelly indicated that Bitcoin is soon “going to be more scarce than gold based on a stock-to-flow ratio.”
BTC Adoption & Climbing View
Bitcoin is the top-ranked cryptocurrency on CoinMarketCap- showing a dominance of 66.0% with a $241,875,181,061 market capitalization (Market Cap) over a total of 21,770 crypto market assets. Though post Bitcoin Halving results are uncertain, however, interest and adoption of the ATH performing cryptocurrency on the rage.
The results and price movements of BTC are unsure. However, the upsurge in its espousal has started and is also noticeable in the actions of other altcoins, which are nodding happily while following their dictator (BTC).