Today’s cryptocurrency news show that Bitcoin dumps again and the chances of a rally this year are getting slimmer and slimmer. The half year down trend has been maintained for the dominant coin and it does not look like reversing before the year is out. Right now, all hopes are being pinned on the BTC halving event which is set to occur in May next year.
However, will this be the lifeline of Bitcoin (BTC) that everyone wants?
As Bitcoin dumps again, we can see that the most dominant cryptocurrency is now locked at $7,270. A couple of hours ago, BTC fell out of its three day consolidation channel and dumped to $7,100 as charts pictured.
The move today marks a slim loss but the one to $7,100 yesterday accounted for a minus of 3% in the BTC price. So far, Bitcoin has lost almost 8% since the weekend and the downtrend is now strengthening. Analysts are all now in agreement that $6,000 is the obvious next level where things may settle down for a while.
The fact that Bitcoin dumps again shows that the next level is likely to come before the end of the year. That said, the Bitcoin news updates may show a price of around $6,000 for the leading cryptocurrency.
What’s left for optimists is a handful of hope on a new Bitcoin (BTC) bull run which may come with the BTC halving event scheduled for May 14, 2020 according to the official countdown. This halving heralds a number of bullish factors which include a reduced number of coins added to the total supply which definitely increases the scarcity levels.
The positive note is that previous halvings in 2012 and 2016 have secured the Bitcoin dumps before that and triggered the price to rise after the event – and not before. An industry analyst with a nickname PlanB points out that it did not take over a year for the market to start surging.
“Well, it didn’t … look for yourself: in the chart the halving is when blue turns to red: the market immediately rises after a halving.”
Getting some questions about why in previous halvings (November 2012 and July 2016) it took well over a year for the market to start surging..
Well, it didn't .. look for yourself: in the chart the halving is when blue turns to red: the market immediately rises after a halving🚀 pic.twitter.com/geL71dJOV7
— PlanB (@100trillionUSD) December 3, 2019
If history repeats, we should see the Bitcoin dumps recovered by a new rally in mid-2020. Until then, let’s just hope that the dominant coin won’t visit levels below $6,000.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]