CRYPTO NEWS

Bitcoin Approaching Mid-Term Halving, Here’s How BTC Price Will Perform

btcbounce

The post Bitcoin Approaching Mid-Term Halving, Here’s How BTC Price Will Perform appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

At the moment, the crypto market is hit with a massive crisis. Hence, market participants are looking at macro-economic data such as Bitcoin halving phases and its influence on the crypto market rather than shorting and mid-term forecasts.

Traders using BTC halving as a market signal usually depend on the mid-halving. This can occasionally serve as a support for the flagship currency. It is seen that during the last cycle, there was a half-yearly bounce from the exponential support line. It purportedly corresponds with the 780th-880th day of the halving phase.

The study based on Bitcoin’s halving model is focused on the fundamental rule of supply and demand. The value of the block reward is a device that may profoundly impact Bitcoin’s total supply growth since miners exert ongoing market pressure.

Bitcoin dropped across the same-day area in the last two consecutive halving cycles. This kind of formation is significantly more noticeable on the logarithmic chart.

Halving Effect On The Market To Continue

At the time of the 2021 bull run, several experts, like Willy Woo, predicted that halving may no longer have the same impact on the market as it had previously. His key argument was that institutional investment in the Bitcoin market would connect it to equities and make it less decentralized.

Still, the true origin of the stress on the cryptocurrency market should be analyzed because Bitcoin is now moving in parallel with the stock market, and the stock market has been plummeting due to unanticipated inflation statistics and the Fed’s hawkishness.

It’s just not the market’s macroeconomic pressures; Also, issues with Ethereum-based DeFi apps and services are driving increasing market fear.

Bitcoin Price Prediction for Today, July 4: BTC Stabilizes Above $19,500 Level

The Bitcoin price prediction shows that BTC is trading at $19,795 as the coin seems to be preparing for another upward movement. Bitcoin Prediction Statistics Data: Bitcoin price now – $19,795 Bitcoin market cap – $378.0 billion Bitcoin circulating supply – 19.0 million Bitcoin total supply – 19.0 million Bitcoin Coinmarketcap ranking – #1 BTC/USD::Listen

The Bitcoin price prediction shows that BTC is trading at $19,795 as the coin seems to be preparing for another upward movement.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $19,795
  • Bitcoin market cap – $378.0 billion
  • Bitcoin circulating supply – 19.0 million
  • Bitcoin total supply – 19.0 million
  • Bitcoin Coinmarketcap ranking – #1

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key levels:

Resistance Levels: $27,000, $29,000, $31,000

Support Levels: $15,000, $13,000, $11,000

BTC/USD is moving to cross above the 9-day and 21-day moving averages at $19,795 as the coin prepares for the upside. At the time of writing, the first digital coin is likely to extend towards the resistance level of $20,000 if the bulls put more pressure on the market.

Bitcoin Price Prediction: BTC/USD Ready for A Cross Above $20,000

At the moment, the Bitcoin price is likely to cross above the 9-day and 21-day moving averages, any further bullish movement above this barrier could locate the potential resistance levels at $27,000, $29,000, and $31,000. Normally, when new uptrends are coming up, traders may use the moving averages to gauge the strength of the trend. Nevertheless, if BTC/USD soars toward the upper boundary of the channel, this could be a sign of sustainability and may likely result in a bullish continuation.

Furthermore, if the Bitcoin price fails to move up; traders may see a price cut below the moving averages, and a further low could bring the price to the support levels at $15,000, $13,000, and $11,000 respectively. But as it stands, the Bitcoin price is likely to rise as the technical indicator Relative Strength Index (14) moves to cross above 35-level.

BTC/USD Medium-Term Trend: Ranging (4H Chart)

The BTC/USD is following a sideways movement above the 9-day and 21-day moving averages as the bulls are coming back into the market to push the king coin towards the upper boundary of the channel. If not, the support level of $18,000 and below may come into play.

BTCUSD – 4-Hour Chart

However, if the bulls push the market to cross above the resistance level of $20,000, traders may expect a retest of the $21,000 resistance level, and breaking this level may further push the price towards the resistance level of $22,000 and above as the technical indicator Relative Strength Index (14) remains above 50-level, suggesting a sideways movement.

eToro – Our Recommended Bitcoin Platform

Our Rating

eToro exchange
  • Regulated by the FCA, ASIC and CySEC
  • Buy Bitcoin with Bank transfer, Credit card, Neteller, Paypal, Skrill
  • Free Demo Account, Social Trading Community – 20 Million Users
  • Free Bitcoin Wallet – Unlosable Private Key
  • Copytrade Winning Bitcoin Traders – 83.7% Average Yearly Profit

eToro exchange

68% of retail investor accounts lose money when trading CFDs with this provider.

Read more:

Bitcoin Approaching Mid-Term Halving, Here’s How BTC Price Will Perform

Shopping cart
There are no products in the cart!
Continue shopping
0