“Bitcoin Awakening”: Analysts Name Driver That Will Become Impact For Bitcoin’s Grand Rally
For several days now, cryptanalysts have been talking about the formation of the most profitable buy signal in the history of Bitcoin, after which activation a bullish run is inevitable. But this will happen only in that case when Bitcoin will gain a foothold at a key price level for itself. What is it about?
Side Bitcoin trading dragged on
For the past 2 months, Bitcoin has been in a lethargic market condition: the flagship cryptocurrency is stuck in a price trap, and after small shifts forward, a rollback to the former region followed slightly above $9,000. This market behavior of Bitcoin became the reason for disseminating information that the bulls had lost their grip, so there is no point in expecting a sharp jump in the price of a crypto asset in 2020. Other crypto enthusiasts, on the contrary, expect Bitcoin to rise after a long consolidation.
At the beginning of 2020, many cryptanalysts made promising predictions regarding Bitcoin. Just a few months before the Bitcoin halving, the entire information space filled with news about the changes that await the crypto market after reducing the remuneration of miners from 12.5 BTC to 6.25 BTC. But Bitcoin “stalled” on the way to the rally.
Some experts call the main reason for the lack of a Bitcoin rally the negative consequences of a pandemic on the financial market as a whole. The world was not ready for such a massive shock in the form of COVID-19, and Bitcoin did not remain aloof from this event.
A buy signal of $9,230 could trigger a bull rally
Today, Bitcoin has strong support at $9,300. Many analysts believe that this particular line is the springboard, breaking which Bitcoin will finally be able to show rapid price increases. In particular, this concept supported by analyst Charles Edwards. He noted:
“If the price of Bitcoin closes at the candle level of $9,230, the crypto asset will receive a powerful impetus for a leap forward.”
Charles Edwards called for attention to the technical indicator of hash tapes. This indicator shows signs of weakening of miners and their surrender. When inefficient miners exit the production of crypto blocks due to increased competition and low profitability of mining, this signal to buy Bitcoin is activated. Charles Edwards believes that never before had Bitcoin had such favorable conditions for bull running as in 2020.
In particular, a similar signal for the purchase of Hash Ribbons arose in 2017, when after the second halving, the price of Bitcoin soared by more than 300%. It suggests that Bitcoin has the potential to make a record leap forward. Some analysts convinced that after this jump, the price of Bitcoin will never return to below $10,000.