Analyst: Bitcoin Price Will Begin To Increase 6 Months Before Halving
Yesterday, the Bitcoin rate fell below $ 8,000. At the press time, the most capitalized cryptocurrency is trading near $ 7960. Recall, the Bitcoin drop started when the trading on the Bakkt crypto platform was launch.
Crypto community associates the drop in BTC prices with unjustified expectations from the launch of the platform.
Amid falling prices in the digital asset market, a popular trader and analyst on Twitter microblogging under the nickname Plan presented an analysis of the behavior of the BTC rate in the periods before the halving. It turned out that in 2012 and 2016, 6 months before the division of the mining remuneration, the price of the asset began to rise.
We are at about 6 months before May 2020 #bitcoin halving.
In 2012 btc jumped from $5 to $12 (2.3x) in those 6 months before the halving. In 2016 btc jumped from $350 to $650 (1.7x). pic.twitter.com/DKSQBOO2TD
— Plan₿ (@100trillionUSD) October 16, 2019
The next halving is due to take place in May 2020. According to the logic of PlanB, BTC should enter active growth in November (six months before the date of dividing the remuneration for mining).
Many members of the crypto community agreed with the forecast that the approaching halving will provoke an increase in BTC. According to some users, the market is currently in the accumulation phase. With the exit from it, as commentators believe, a positive movement will come.
As said many times before, there's nothing to worry about regarding the price. We're in an accumulation phase and the time is running out before the next halving commence.
— CryptosBatman ⚡ (@CryptosBatman) October 16, 2019
Previously popular analyst Angelo ฿ TC presented its forecast for the further movement of the course of the most capitalized cryptocurrency. In his opinion, upon reaching a BTC level of $ 6,000, a period will come for a profitable purchase of an asset for the long term.