In the past few weeks and especially the past month, Bitcoin has been battered by the coronavirus pandemic. Last week, traders heard great news as the leading cryptocurrency raced over the $6,000 mark after hitting a low below $4,000.
Although it tested $7,000 on several occasions, Bitcoin couldn’t make a dent. And it’s good. Experts are adamant that Bitcoin needs stability over $6K before it races up to $8K ahead of the halving in May. In uncertain times where the global economy is put to the test, Bitcoin has managed to stay afloat. That’s a massive boost for the cryptocurrency industry and the news BTC traders wanted to hear.
Positive News After a Gruesome March
If there’s one word to describe Bitcoin’s March price performance, it would be gruesome. As a matter of fact, the whole world has suffered a gruesome March. There’s no end in sight for the coronavirus pandemic and all royals are taking a hit. Bitcoin is dragged down in the mud as well. At least it was until last week when it managed to shoot over $6K after the White House announced the stimulus package.
A week later and the price still holds. That’s a good thing. Technical indicators show that the leading cryptocurrency in the world is poised for a run over $7,000 with the upcoming halving in May. Experts agree with this opinion as well. The price seems stable for the time being and everyone’s optimistic that Bitcoin could make the jump over $7,000. Staying optimistic in these hard times is definitely positive.
The crash to below $4K was a wake-up call for bulls to reintroduce themselves to the market. Miners came to the rescue as well. Bitcoin was pushed forward almost overnight, even testing the $7K resistance. It ultimately failed, but it was a step in the positive direction for the biggest cryptocurrency in the wake of the pandemic.
Could a $8,000 Price be on the Cards?
Some experts believe that the price could very well shoot over the moon ahead of the halving which would be great. Many expect for the price not just to jump over the $7K obstacle – they full expect Bitcoin to go over $8,000 soon. This could prove to be very challenging, but if bulls do it, the upcoming halving could send the leading cryptocurrency flying.
One key theory suggests that we should all be looking for higher targets for BTC right now. The Elliot Wave theory makes it clear that Bitcoin is on the rise and could test the $7,500 level. That’s very close to $8,000 and to the predictions of many experts. In these uncertain times, such a move would be great news for the Bitcoin community.
To be honest, we all need some positive news at the moment. The world has been battered by the pandemic and the global economy is on the verge of collapsing. Bitcoin’s price rally could be the beginning of a healing process. Many scientists are optimistic that we’re nearing the end of the outbreak soon. If that’s the case, we look forward to it and seeing what Bitcoin’s future holds.