Will Bitcoin Reach $ 10,000 Before the Halfway?
On April 29, Bitcoin price reached $ 8,000 for the first time since mid-March. One of the reasons for this sudden price increase is the upcoming halving. The increase in the value of the bitcoin price before and after the half-year has a proven history. Will the Bitcoin price, which has increased with the interest of investors who want to turn the upcoming half-time event into profit, will be able to keep $ 10,000 before the half-time? Starting with the big picture, let’s try to foresee the course of the price.
When we look at the weekly chart, we can see that the market accepts and supports this increase. Trying to rise for a while between the parallel channel, the price has finally managed to climb over the channel. After trying the $ 10,000 level, which is the first major obstacle to the price that breaks its nose up from the channel, if there is no rapid backlash as in the past and the price manages to hold down without breaking down, the next target will be $ 11,600. Whether the price, which suggests that it will do this trial before the halfway, will throw a solid anchor in that region before the halfway, will be a price movement that will be watched with pleasure.
When we look at the daily chart through the eyes of MA20, it seems possible to say that 2020 will have a new peak. The price, which surpassed the MA20 at the beginning of April 2019, showed a steady increase until the end of June of the same year and formed the peak of 2019. A similar price movement shows up in early April. The price moving above the MA20 continues on its way. We can talk about the existence of a plan that will create the new summit of this year after the halfway, after exceeding its first target of $ 10,000.
The GMMA (Guppy Multiple Moving Average) Guppy Multiple Moving Average analysis tool, which consists of 12 moving averages, six of which are long and six of which are short, carries the signs that the new summits will be tried when we look at the past movements of the price as above. GMMA, which shows that the upward trend has started with the six short moving averages crossing the other six long moving averages, is an extremely important technical tool in terms of identifying trend changes and showing the strength of the trend. In the daily chart, GMMA has created a structure that has confirmed the rising trend and strength of the price.
A price that will hold at $ 10,000 before the halfway is on the way to become the half price of the summit that will take place after the halfway. Google Trend searches also support the belief that it will surely test $ 20,000 in 2020. Google Trend data shows that interest in the upcoming halfway is 16% higher than the last halfway in 2016. Another interesting aspect of the work is that the timing of the halfway will take place during the financial uncertainty experienced worldwide. Therefore, this year’s halfway has the potential to move Bitcoin to a better place.