Bitcoin Short Term Bottom Formed
BTC is expected to halve in these few days. Everyone observing BTC price reaction to the halving. While we have historical data showing BTC price surge higher after 1 year in the previous 3 times halving.
However, many investors are not so sure about the current halving will bring the same effect. Due to BTC wasn't in high demand in 2012, while 2020 BTC's price was mainly driven by Central Banks flooding the market with cash & causing the BTC's price surge to new high. With BTC ETF legalization, this could increase the BTC volatility due to more demand than ever.
Let's get back to reality, the present moment of BTC is showing sign of bottoming with high volumes generated at yesterday price low & causing the price recover slightly. Based on our analysis, this is a sign of the BTC's "Big Boys" are supporting the price. Which could lead to rebound in the short term. Could be a good chance to long BTC for any short term gains.
Any further gains after that, we would need to watch again until then.
However, many investors are not so sure about the current halving will bring the same effect. Due to BTC wasn't in high demand in 2012, while 2020 BTC's price was mainly driven by Central Banks flooding the market with cash & causing the BTC's price surge to new high. With BTC ETF legalization, this could increase the BTC volatility due to more demand than ever.
Let's get back to reality, the present moment of BTC is showing sign of bottoming with high volumes generated at yesterday price low & causing the price recover slightly. Based on our analysis, this is a sign of the BTC's "Big Boys" are supporting the price. Which could lead to rebound in the short term. Could be a good chance to long BTC for any short term gains.
Any further gains after that, we would need to watch again until then.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.