HMA TSI and CCI T/A and news, may 13th. Bitcoin's (BTC) upcoming halving – a once-every-four-years reduction in the supply of new units of the cryptocurrency.
Historically, Bitcoin halvings have been followed with massive surges in Bitcoin’s price. The lack of sell pressure causes prices to grow quickly, resulting in what many crypto analysts refer to as a “miners bottom” – or an absolute price floor to which Bitcoin price won’t trade below because if it does, miners will stop selling and prices eventually stabilize. And according to data, that miner’s bottom is set to rise to over $7,000 to $8,000. Also when Bitcoin price collapsed to $3,800 this past March amidst the coronavirus outbreak, it fell far deeper than the cost of production, which could be in part why Bitcoin was able to rally by over 80% in the days following the collapse. If Bitcoin’s price floor is soon set at between $7,000 to $8,000, it may not be too long until the leading cryptocurrency by market cap never again trades below 5-digit prices. And while $10,000 failed to incite FOMO the last two times since the bear market began, the third time could be the charm that when combined with the halving, helps propel Bitcoin price to new highs.
Historically, Bitcoin halvings have been followed with massive surges in Bitcoin’s price. The lack of sell pressure causes prices to grow quickly, resulting in what many crypto analysts refer to as a “miners bottom” – or an absolute price floor to which Bitcoin price won’t trade below because if it does, miners will stop selling and prices eventually stabilize. And according to data, that miner’s bottom is set to rise to over $7,000 to $8,000. Also when Bitcoin price collapsed to $3,800 this past March amidst the coronavirus outbreak, it fell far deeper than the cost of production, which could be in part why Bitcoin was able to rally by over 80% in the days following the collapse. If Bitcoin’s price floor is soon set at between $7,000 to $8,000, it may not be too long until the leading cryptocurrency by market cap never again trades below 5-digit prices. And while $10,000 failed to incite FOMO the last two times since the bear market began, the third time could be the charm that when combined with the halving, helps propel Bitcoin price to new highs.