The stagnating rally Bitcoin is maintaining between the band prices of $7,900 and $8,200 for over 2 weeks has made a number of pessimists refute assertions from hopeful analysts that Bitcoin has begun another bullish trend similar to that of 2017.
However, history alongside a number of factors like the imminent Halving and US-China trade war are strong evidences that Bitcoin is only taking a nap for another strong bullish charge that will take it farther than expected.
The $8,200 – $8,400 resistant point seems to be a barrier for Bitcoin since the last bull run that pushed the coin up from $4,300 bottom level to its present price. During the last push up, a number of analysts proclaimed that once we don’t go below $6,200, we won’t bottom again.
Thus, a trader who doubles as an analyst and podcaster on Coinistresearch, Luke Martin, said a break above the $8,400 psychological resistant point would signal strong confirmation for another bull run.
He averred that demands are strong and all lows are higher since April 1st, consequently, he envisions a greater chance of continuation towards the north.
$BTC above 8400 would give far more conviction + confirmation.
BUT – a few thoughts as price is hitting this resistance for the 4th time in May:
– Demand is strong
– All higher lows since Apr 1st
– Level gets weaker on each testI lean towards greater chance of continuation.
— Luke Martin (@VentureCoinist) May 24, 2019
Martin, while observing the trend of Bitcoin around the $8,200 – $8,400 band prices resistance level, proclaimed that BTC needs a revamp power to take it beyond this barrier to keep its positive momentum on the wheel.
Transcending this barrier, according to the analyst, would mean a momentous upward rally similar to that of $4100, $5600 and $6800 breakouts.
$BTC needs to crack the 8200-8400 resistance to keep the positive momentum going.
Close above there and I'm expecting expansion similar to 4100, 5600 and 6800 breakouts. pic.twitter.com/cR2C3FqOSp
— Luke Martin (@VentureCoinist) May 24, 2019
Ahead of Bitcoin Halving, Pompliano Joins the Crypto Community in Awake of the Bull
Based on history, it is believed that the price of Bitcoin will bottom days (over a year) before halving, and a parabolic bull run will follow.
The third Halving is less than a year from now (May 20, 2020), we have seen the bottom, and analysts have predicted that we will not bottom again, thus, the bull is next.
While Bitcoin halving is all about cutting the reward of miners by 50% to reduce the supply of BTC, Pompliano, a Co-founder & Partner at Morgan Creek Digital, said even though USD is never a scarce commodity in the market, bankers will inundate the finance industry with FOMO if the daily print of the fiat currency is halved.
The analyst added that he can’t wait for the effect of Bitoin halving.
Imagine if daily printing of US dollars was suddenly cut in half forever. Bankers would be FOMOing even though USD isn't a scarce asset.
Now imagine what they're going to do when the daily Bitcoin supply is cut in half for one of the scarcest assets in the world.
I can't wait.
— Pomp 🌪 (@APompliano) May 22, 2019
Earlier, 61% of persons, in a twitter poll, voted that the crypto market will react to the imminent halving with a front run.
How will markets react to #bitcoin 2020 halving?
— PlanB (@100trillionUSD) May 20, 2019
