After a mixed start to the year, Bitcoin is once again back on the path to success. The world’s oldest – and largest – cryptocurrency is doing just fine during the coronavirus pandemic. After a few weeks of jumping up and down the $6K-$7K ladder, Bitcoin finally broke the $7K resistance level around a week ago and started rising.
Right now, it is selling above $7,500 which is great news for traders. As the halving approaches, Bitcoin is building up the price which could be the perfect storm it needs. The leading cryptocurrency on the market has been performing exceptionally during the COVID-19 crisis, outperforming traditional markets.
History Repeating?
In the past, the price of Bitcoin rose for only a few weeks in before the halving before jumping to all-time highs. Experts are fully expecting history to repeat itself. Some expect it to jump over the 2017 peak and set a new record. Although it’s far too early to tell, that’s all great news after a pretty devastating year for the leading cryptocurrency.
The latest jump comes at a time when mining power rebounds after hitting lows in March. The hash rate is back trending up again which is great news ahead of the halving. It is expected to decline after the halving, but right now, it’s just the thing Bitcoin needs.
At the time of writing, Bitcoin’s price is testing the $8K level, with many expecting to fully break it. That would be great, although experts are expecting BTC to close the day over $7,500 and no more. The good news is that the price is now stable at that level, with the asset outperforming traditional markets.
After a year of ups and downs, Bitcoin is back in the driving seat. Its price jumps are affecting the whole cryptocurrency market. Bitcoin is bringing XPR and ETH for the ride as well, with the market cap at over $138 billion. All technical indicators are spelling positive news for BTC with the halving announced for May 12.
What Comes Next?
With the halving just a few days away, opinions in the expert industry are divided. Most believe that the recent price developments are positive news for BTC ahead of the halving, while others are in doubt. Bitcoin traders, though, say that haters gonna hate and see the recent price jumps as nothing but positive news.
If we judge by technical indicators only, Bitcoin is in a good place. Everything suggests that it’s a perfect storm before the halving which could make its price shoot up to the sky. Although some crypto experts are taking things too far with all-time highs predictions for the end of 2020, all the technical indicators are pointing at a stable price post-halving.
After a year of pounding and a February bash, Bitcoin is back from the dead and doing just fine. The pre-halving price rally is pointing at highs after the event. With just a few days left until the halving, we’re excited to see what happens.