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Post Bitcoin halving: Will crypto prices go bullish or bearish?

Post Bitcoin halving

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.

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.”

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.

Another trader, Calley wolf, made the same prediction. He says that since its $3,600 recovery, it has 

Muhaimin Olowoporoku

Muhaimin Olowoporoku

Muhaimin loves writing on crypto news aside from being a crypto enthusiast. He has a knack for analysing issues and updating people on what's happening around the globe. He believes that blockchain and cryptocurrency are the most useful systems of mutual trust ever devised.

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