Bitcoin Warms Up For Epic Rally After 150% Gain Since March

Bitcoin warms up for another powerful rally according to the historical BTC market data and halving event analysis. The Bitcoin price could be at the start of the epic rally after it registered a 150% gain since March as we are reading more in the Bitcoin latest news.

The historical data shows that once the long-term price trend of Bitcoin shifted to a local bottom with a strong reaction from the buyers, there was a huge uptrend. Right after the halving, most of the analysts predict a minor pullback happening. In the previous halving in 2012 and 2016, the price increased right before the halving and corrected after it ended. In the medium-term, the Bitcoin price tends to see a huge increase after the halving event.
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The first halving led to a 10,000% gain while the second started a 2,500% increase.

The Bitcoin price has already recorded technically lower highs once it dropped to $3,100 in 2018 and $3,600 in March this year. The term ‘’lower highs’’ refers to the price of an asset falling to lower points which is still higher than the previous bottom. Based on the price trends of bitcoin, Mohit Sorout who is the founding partner at Bitazu Capital suggested that the price rally could be just the beginning since it reached $9,500

 “Live shot of BTC getting warmed up.’’

As Bitcoin warms up, if the halving correction doesn’t happen, it could only enhance the case of BTC being on the way to become a digital store of value. The hedge fund manager Logan Han said that BTC could, even more, to record higher highs if it doesn’t correct in May.

‘’If there’s no halvening dump soon, BTC could run straight to ATH.’’

The bitcoin price is at a reversal point where it is overtaking the $10,000 level which could lead to a FOMO-driven rally to new highs of at least $13,500. Scott Melker, a popular crypto trader, said that a rally above $10,552 will set up Bitcoin for a powerful uptrend:

‘’A daily close above $9,214 would be bullish. Breaking the descending black line would be more bullish. Breaking the purple line at $10,522 would be a higher high and would shut bears up for good.Positive fundamental factors fuel bullish predictions.’’