Bitcoin is now trading back above the daily 200 moving average for the first time since early March to indicate a clear shift in sentiment and optimism leading up to the block reward halving.
With the halving being less than two weeks away traders are clearly attempting to enter the market before supply is suppressed.
The halving will see rewards for miners slashed from 12.5BTC per block to 6.25BTC per block in an event that has historically been very bullish for Bitcoin and all cryptocurrencies.
The previous halving commenced in 2016 and what followed was the most extreme bull market witnessed in decades, with
BTCUSD
surging to $20,000 while the likes of Ethereum rose from under $10 to $1,400.
We are long on BTC, breakout above the weekly trend line might see price move to 13750, whereas price above 13750 level might see a rally to 20000 levels opening a new chapter for price to make new highs probably above 30000
With the halving being less than two weeks away traders are clearly attempting to enter the market before supply is suppressed.
The halving will see rewards for miners slashed from 12.5BTC per block to 6.25BTC per block in an event that has historically been very bullish for Bitcoin and all cryptocurrencies.
The previous halving commenced in 2016 and what followed was the most extreme bull market witnessed in decades, with
BTCUSD
surging to $20,000 while the likes of Ethereum rose from under $10 to $1,400. We are long on BTC, breakout above the weekly trend line might see price move to 13750, whereas price above 13750 level might see a rally to 20000 levels opening a new chapter for price to make new highs probably above 30000
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