Every day less is missing for the arrival of the Halving of Bitcoin, and that arouses the curiosity of many about what is the most appropriate expectation. Those who are convinced that it will rise retain and accumulate BTC, those who do not, take advantage of the recent rise of the cryptocurrency. Let’s look at expectations.
At the time of writing, Bitcoin is valued at $ 7,652.74, representing a 1.26% increase from yesterday. Something particular is how the miners gradually seek to improve their efficiency before the event.
Since Thursday’s shake-up in Bitcoin prices, the cryptocurrency has traded in a narrow range near the $ 7,500 and $ 7,600 level. The above means that BTC has not only returned from losses suffered in March, but is also showing some upward momentum.
Analyzing the markets in exchanges before the Halving of Bitcoin
Observing the flow in some exchanges, we can affirm that many speculators have already sold what they were going to sell before Halving. So with so little to do, it is unlikely that many will sell their BTCs around this time if they have held them even despite the March slump.
An exception may be those miners who anticipate some significant loss, and are therefore trying to block operating costs.
Having proven that 2020 is anything but predictable, it is valid to question whether the rise in historical BTC after Halving is still something imminent. Many industry experts have mixed expectations about it.
Historically speaking, BTC has increased in price in post-Halving times. However, at present we must also consider that investors have more availability of information, which allows them to better decide how to maneuver.
This implies that they know what is causing the sale or purchase of BTC in large quantities at any given time, so their reaction may not be so fast as to see effects rapidly. On the other hand, it is expected that if Halving will have effects, it will do so in the medium term, moderately, until perhaps reaching the historical maximum of this cryptocurrency.
With all the effects of COVID-19, eyes are kept on the sustainability of individual miners, who have been the most affected. Even when the decrease in the supply of the currency is generated, the price increase will also depend on the demand, which could be affected by what happens worldwide with Halving.
Honest recommendations for trying to get a bigger picture of Halving include monitoring futures trades, the exercise of crypto whales and of what happens at a general level with the economy in the midst of the pandemic. For now, it can be said that Halving is close, that BTC continues to be mined and that accumulation continues.
The levels to break for Bitcoin in the coming weeks to glimpse a significant change by the Halving are those of the range of 9,500 and 9,700 USD. In the very short term, BTC must show momentum to exceed $ 8,000. This is the confluence zone with the daily moving average of 200 days.