Bitcoin has been caught in the throes of a volatile trading session over the past several weeks, which has resulted in it erasing virtually all of the gains that were incurred during the late-October pump and has opened the gates to potentially further near-term losses.
Related Reading: The Bitcoin Halving Will Cause an Explosion of Bitcoin’s Price
In spite of this short-term bearishness, analysts and investors alike widely anticipate Bitcoin’s upcoming mining rewards halving — which is slated to occur in May of 2020 — to catalyze a massive bullish movement similar to ones seen in years past.
Bitcoin’s Near-Term Bearishness Overshadowed by Potentially Bullish Halving Event
At the time of writing, Bitcoin is trading up over 2 percent at its current price of $7,400, which marks a decent climb from its recent lows of $6,700 that was set during the latest sell-off.
BTC’s ability to find strong buying pressure in the upper-$6,000 region signals that this is a robust support level that could bolster the cryptocurrency’s near-term price action, but it is imperative to note that it is still caught within a firm downtrend that won’t be invalidated without a massive upwards movement.
Looming over this near-term bearishness, however, is Bitcoin’s upcoming halving event, which may help provide the cryptocurrency with some much-needed upwards momentum that negates the lackluster price action it has been facing in recent times. Read More...