Since Monday, trading volumes have increased significantly because of buyers turned to the cryptocurrency market. The indicator of total cryptocurrency market cap has grown by 10% and its value at the moment is above $ 245 billion.
According to some commentators, Bitcoin has passed the local minimum and is currently preparing for prolonged growth.
— sakura (@watchyourself__) January 17, 2020
Other cryptocurrency assets will follow the main cryptocurrency movement.
Against the background of a change in the formation of the TOP-10 CoinMarketCap rating, most assets demonstrate positive dynamics. The maximum daily growth (+ 30.41%) recorded in the Ethereum Classic rate, which overcame the mark of $ 10. A possible reason was the addition of a token to the Binance Futures platform with leverage up to x75.
Meanwhile, members of the crypto community keep waiting for Bitcoin growth predicted in anticipation of a halving. The interest of users in halving the remuneration for mining BTC is indicated by an increase in the number of relevant requests in the Google search.
Source: Google Trends
As of January 17, 2020, halving is scheduled for May 12, 2020. There are 116 days left before the event.
Some participants in the crypto community remembered the behavior of bitcoin in anticipation of and after the previous halving. In 2016, the event triggered an active increase in the value of the digital asset.
Throwback to bitcoin 4 months before the 2nd halving.
The price was declining after going up 200% from the bottom.
People were saying the halving was priced in.
Here is what happened the following months. pic.twitter.com/sP1B5G1qQe
— Crypto₿ull (@CryptoBull) January 16, 2020
At the same time, users pay attention to the cyclical behavior of BTC. If we take December as the starting point of the beginning of the cycle, we can trace that the trend set this month in the future tends to continue.
Bitcoin Price Analysis: Growth is Possible to Level of $ 12,000
The breakdown of the upper boundary of the consolidation in the region of $ 8,200 gave a signal to a new series of trading from purchases.
The impulse has developed and over the past two days, quotations have significantly increased in price on significantly increased volumes, updating the maximum, and at the moment reaching the value of $ 9,000 per coin.
At the moment, there is a high probability of continued upward movement, and therefore it is advisable to stay in a long position, moving a protective order as the trend develops.
As a short-term trading idea, we should expect a correction with a test of the broken channel border at $ 7,700, and continued rise to the first target at $ 9,800. A strong signal in favor of this option will be a rebound from the support line on the RSI indicator. The cancellation of this scenario will be a fall with price, fixing below the level of $ 6.875. This level will indicate the continued development of the downward movement.
At the press time, Bitcoin is showing steady growth, the goal of such a rise in the leading digital asset is the area near the level of $ 12,400.
Recall that previously many users agreed with the idea that cryptocurrency is in anticipation of a new phase of active growth.