The cryptocurrency market has partially recovered. Since Monday, the main market indicator has added about 1.6% and its current value is $ 241 billion.
Accordingly, Bitcoin starts with a positive move. At the press time, cryptocurrency is trading at the level of $ 8,668, which is equivalent to a daily growth of 0.14 %.
Meanwhile, the crypto community keeps analyzing the prospects for further BTC movement. The main issue remains the possibility of asset growth, against the background of the oncoming halving. The latter is scheduled for May 2020.
One of the network users asked the well-known cryptocurrency analyst PlanB about the Bitcoin movement prospects in anticipation of the halving event. The latter replied that the average Bitcoin price to set at $ 50 -100 thousand in the period from 2020 to 2024.
$50-100k average 2020-2024
— PlanB (@100trillionUSD) January 21, 2020
Previously, PlanB presented a forecast according to which the growth of Bitcoin will begin six months before the halving.
In his opinion, a positive trend should be observed from November 2019. The cryptocurrency is in the flat at the moment based on the indicators of the behavior of the BTC rate.
Not all participants in the crypto community agree with the opinion that halving will positively affect the behavior of the Bitcoin exchange rate.
As said many times before, there's nothing to worry about regarding the price. We're in an accumulation phase and the time is running out before the next halving commence.
— CryptosBatman ⚡ (@CryptosBatman) October 16, 2019
Earlier, analyst Angelo฿TC identified three main reasons that, in his opinion, will hamper the growth of BTC amid the halving event.
Note, the indicator of the level of profitability of Bitcoin, adjusted for risk, continues to grow since the beginning of the year.
At the same time, the crypto community drew attention to the positive signals of the BTC chart.
Bitcoin Technical Analysis
The technical picture at BTC/USD has not changed much since Monday. At the moment there was an attempt to break the level of $ 8,550.
However, the downward movement under pressure from the “bears” fit into the framework of the current volatility and was bought back quickly enough.
Over the past three days, local consolidation has formed, and therefore, a price out of the upper limit of the trading range ($8,760) will open the door to an increase in the share of the coin in the portfolio with the transfer of a protective order.
For the rest, the strategy does not change, since for a longer period. At the same time, the trend persists, and the line of least resistance is still directed upwards.
As for the short-term movement of BTC/USD, the key support level is the zone of $8,470- $8,500. If sellers break through this barrier, there will be a strong bearish trend, and the price of BTC will first drop to $8,200, and then to $8,000.
The last barrier is too difficult to overcome, in this regard, after reaching $8,000, we can expect a correction of up to $8,200.
Recall, earlier commentators on the network agreed that Bitcoin is currently on the eve of a new growth phase.