Bitcoin Prediction: Imminent BTC Rally – Brutal Breakdown May Follow
The crypto market looks a bit greener today compared to the day before, and Bitcoin is no exception.
At the moment of writing this article, the king crypto is trading in the green, and the coin is priced at $6,779.24.
Bullish predictions for Bitcoin
Despite the huge market volatility, there are still various optimistic predictions for Bitcoin.
This is mostly due to the fact that the coin’s halving event is just around the corner – BTC’s halving is scheduled to take place the next month.
Crypto trader and technical analyst Tone Vays is still bullish on Bitcoin as the halving approaches.
During a new episode of Trading Bitcoin, Vays said that Bitcoin’s current price action might be similar to something that happened back in August 2015.
You may recall that back then, BTC dropped to $207 before it began a massive rally that reached its peak years later when BTC reached $20k, as the Daily Hodl reports.
Vays said that he was surprised by the recent rally that brought BTC above $7,000.
He also made sure to highlight the fact that over the next two months, the key is to track whether the price of the coin will be able to move above its 200-day moving average, which is currently at about $8,000.
“Let’s see what happens in about two months. And guess what else is going to happen in those two months? The halving. We just have to get over this 200-day moving average,” Vays said.
He continued and explained, “So, I remain pretty bullish on Bitcoin here… I would not have expected [Thursday’s] bounce. I really would have thought that we had more downside here and then bounce somewhere from that $6,000 area. But we bounced a little earlier, which is good.”
Just a matter of perspective, but best classical chart labeling likely an ascending triangle with target at 8400 pic.twitter.com/SKTrkRfj6h
— Peter Brandt (@PeterLBrandt) April 2, 2020
The same online publication mentioned above notes that Peter Brandt, on the other hand, still sees potential for more surges in the price of BTC.
He sees BTC being able to hit $8,400.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.