Analyst: The last dip before an extended Bitcoin rally
The Bitcoin price is recovering after a withdrawal of $ 10. 500, a level that is generally regarded as strong resistance. Analysts expect a resumption towards 9 in the short term. 000 $, but the mood remains optimistic.
The last dip before the real Bitcoin rally?
Before halving, traders expect a strong upswing to hit the mining break-even price. After halving, mining will no longer be profitable if the BTC price falls below 13. 000 $ is located. For this reason, the market will either see a significant decrease in mining difficulty or a significant increase in bitcoin price.
In the past two years, the hash rate of the Bitcoin blockchain network has increased continuously and climbed to new record highs every few months. Given the large mining centers, the bitcoin price is more likely to rise to the new break-even price of the mining than the hashrate falls.
Technically, the Bitcoin price is currently undergoing a slight correction. A technical analyst explained that Bitcoin's strong support levels in the 8th 000 – Dollar region, especially in the range between 8. 250 and 8. 600 dollars. If BTC is below the level of 10. 000 $ falls, solid support levels are also at 9. 200 $ and 9. 500 $ to find.
A drop to $ 8. 000 he would point to the most extreme bearish scenario for Bitcoin. Therefore, it is far fetched, a considerable retreat to the middle of the 8th 000 he brand to predict as long as the Bitcoin price is above the 9th 200 he brand commutes.
if you get the chance to long 8250 – 8600 and don't buy there then sorry, but we would have to rally to ATH without you👋
P.S. expect 3k calls again in a couple of days pic.twitter.com/sIHJ3iB4tC
– Crypto₿irb (@crypto_birb) February 13, 2020
But in the unlikely event that the Bitcoin price in the middle 8. 000 – Dollar area is falling, technical analyst CryptoBirb said that this will be the last decline before the actual, long rally. A major reason traders are generally cautious and expect a small correction is that the entire rally was built on spoofers and over-buying orders.
Much of the buying demand for BTC at the start of the rally came from margin trading platforms with highly leveraged deals. This created a relatively weaker foundation for a proper, fully rally.
Proof of text: cryptoslate