The entire crypto community now seeks to answer the post Bitcoin halving question about which direction will the crypto price go after the halving. Building up to Bitcoin halving, the last weeks were activities filled as volatility in the crypto market was wild. Considering this alongside other factors, crypto traders and analysts discuss what may likely happen after the halving.
Bitcoin price at press time is consolidated around $8,000 and has been highly volatile. In the last five days, the crypto has traded at $8,000, $9,000, and $10,000 level with its lowest price at $8,100 on Sunday, May 10 few hours to the halving.
As a result of these happenings, traders have been divided as to what the crypto’s fate is post-Bitcoin halving. Some argue it would go bullish immediately after the event others believe otherwise. However, one fact about Bitcoin is its tendency to increase by a large margin in a few days. In December 2017, it took only 28 days for it to increase from $8,000 to $20,000. In 2018, within three weeks, it rose from $7,500 to $14,000.
Other traders believe otherwise. As observed in the last two halvings, BTC price plunged after the halving and expected similar experience after Tuesday’s halving.
Post Bitcoin halving, crypto will go bullish?
Trader Satoshi Flipper believes after the halving event; Bitcoin is going to rise. He thinks the primary bullish scenario after halving is a breakout of a major trendline above the $14,000 mark experienced in 2017. In the past year, Bitcoin’s price moved within a large multi-year cycle established by its record high at $20,000, and its June 2019 peak at $14,000.
Posted something similar 2 months ago, I'm still betting on breaking through the upper trend line resistance and price action heading north.
— Satoshi Flipper (@SatoshiFlipper) May 11, 2020
Each time the crypto price wants to break out of range again, it meets fierce rejection. If the momentum displayed in recent weeks is strong and breaks out of the multi-year trend, there is a possibility that it will trigger a major uptrend.
Another analyst called Galaxy predicts a similar case for the crypto post Bitcoin halving. He said, “Look what happened the last time we had seven consecutive green weekly candles. We had a ‘doji’ candle, followed by a 160% increase. By the looks of it, we’re in for a ride.”
Look what happened the last time we had 7 consecutive green weekly candles.
We had a "doji" candle, followed by a 160% increase.
— Galaxy (@galaxyBTC) May 11, 2020
Post Bitcoin halving, crypto will go bearish?
Many traders believe that the crypto after halving will plunge for a short tern to as low as $6,500. Trader and analyst Dave the Wave, popular on Twitter predict that if the crypto continues to move based on a fractal taken from 2019, it would most likely plunge to $6,000.
BTC shorter term
If the fractals continue to hold, time to start think about consolidation levels. 50% consolidation in real terms would put BTC in the 6K range. All good for going forward… pic.twitter.com/Ax0mXLy2c5
— dave the wave (@davthewave) May 9, 2020
Another trader, Calley wolf, made the same prediction. He says that since its $3,600 recovery, it has
While everyone is telling you to "buy the dip" on #bitcoin.
I'm gonna sit here and tell you…
— wolf (@ImNotTheWolf) May 10, 2020