Some time has passed since one of the most important events in the history of cryptology, the third Bitcoin Halving. The price of cryptomoney is still one of the most important topics of discussion within the crypto community. Especially after a market crash brought its price below $9,000 per BTC. That’s why we’re reviewing today’s expert monitoring of the price of Bitcoin.
How has the price of Bitcoin evolved in 2020?
It’s time to accumulate Bitcoin
One trend that is influencing the price of
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is, of course, the effects of Halving. Well, the expectations placed around a coming substantial increase in the price of cryptomone, led to an increase in the number of pre-Halving BTC purchases. As well as a reduction in post-Halving demand.
In this way, we have been able to observe an increase in the number of Bitcoin wallets that have between 0.01 and 0.1 BTC, according to Glassnode figures. Indicating that, there are more and more users of the crypto world looking to have at least a fraction of Bitcoin. The goal is to make a profit once the price of cryptomoney soars.
So, even in the face of the decline in the price of Bitcoin, there is a group of crypt market analysts who believe that the price of crypto will increase. Among them is the director of the Singapore-based investment fund QCP Capital, Darius Sit:
„The price decline is expected, but the long-term bias remains upward. We would accumulate Bitcoin if prices fall to the $6,000-$8,000 range.
Bitcoin: Is the long-term uptrend deconsolidating?
The picture is not clear.
Another view is that of Yuriy Mazur, chief analyst of the CEX.IO exchange, who says that at this time there is no clear trend in the market. He points out that, after the Halving, the Bitcoin market was practically left without buyers. The moment of accumulation occurred, essentially, before this event was executed.
Therefore, for Mazur there is a possibility that the price of Bitcoin will fall even more, and that it will manage to recover the $10,000 line. It will be defined above all by the whales‘ actions in the next few days:
„Currently, there is no clear understanding of where the BTC will go. It may fall back to 6,500 dollars or reach 10,000 dollars. We can get a clear indication of the additional direction in the next few days.