Just 6 days to halving, Bitcoin remains bullish on the daily chart with excellent performance. The leading digital currency is back above $9,000 price, printing its seventh consecutive week of gains.
Despite the impressive performance, some analysts remain prudent, saying Bitcoin may witness another major pull back after the block reward reduction event. Nevertheless, bullish fractals displayed by Bitcoin since the last two weeks were last seen when the cryptocurrency spiked by 300% in April 2019, hence an important reason to be optimistic about Bitcoin’s rally.
Analyst Crypto Rand who early April said Bitcoin needed to cross $8,000 and $8,250 level to become bullish, today revealed that Bitcoin could reach $10,500 before the upcoming halving event which is bound to happen in the next 6 days.
Showing an illustration of Bitcoin’s trend on a triangle bullish pennant, trader Crypto Rand said “what if,” point $10,500 price level for Bitcoin before halving.
He demonstrated that Bitcoin has formed a triangle pattern similar to that printed late April, a confirmation that the price of Bitcoin can be pushed to $1000.
Rand claimed that the triangle formed is a bullish pennant, and Bitcoin could leverage this to reach $10,500 value on or before halving. He further explained that at present, Bitcoin’s resistance is at level $10,500.
— Crypto Rand (@crypto_rand) May 5, 2020
While Bitcoin continues to stagnate around $8,600 -$9,300 range, analysts see $10,000 price level as a breaking point for the cryptocurrency. At press time, a unit of Bitcoin is valued $9,038 with 4.16% added value against the US Dollar.
Bitcoin Eyes $18,000+ After Registering 3-year Symmetrical Triangle
Hong Kong-based global macro investor Alex Fiskum also joined in this moment analysis. He said Bitcoin is likely to rise by 73% owing to the pristine 3-year Symmetrical Triangle pattern presented by the digital asset on the daily chart.
Fiskum explicated that the pristine pattern formed would take the cryptocurrency to above $18,000 in a similar manner to what happened in 2017.
“Average breakout point at 73% of the way to the triangle apex – literally on the date of the halving”, Fiskum explained.
$BTC has printed a pristine 3-year Symmetrical Triangle pattern on the daily when removing wicks.
Statistically, symmetrical triangle patterns break upwards 60% of the time 📈
Average breakout point at 73% of the way to the triangle apex – literally on the date of the halving. pic.twitter.com/fEh3qApiBx
— Alex Fiskum (@AlexFiskum) May 5, 2020