Bitcoin Bullish Events Keep Piling Up as BTC Price Momentum is Staying Calm Before the Crypto Storm
- Bitcoin price surpasses $8,000 yet again, A break of $8,200-$8,300 seems “imminent”
- The market is feeling very bullish currently, Bitcoin now less than a year away from the historically BTC bullish halvening event in 2020
- After 200 days, Bitcoin finally closed at a higher price than 1 year prior
Bitcoin active addresses are back on pace to break the $800k per day
Bitcoin has crossed $8,000 yet again as BTC/USD currently trades at $8,071 with 24-hours gains of 0.50 percent. The leading cryptocurrency has been on an uptrend throughout May, however, it is yet to make a strong upwards move and breach $8,500.
Crypto trader, Credible Crypto says a break of $8,200-$8,300 seems “imminent.” Once, we get past $8,500-$8,600 without a massive rejection, he says, the flagship cryptocurrency would be targeting $9,600 to $10,000. But this move will be followed by a “larger correction,” explained Credible Crypto. As for the altcoins like Ethereum, it all depends on how BTC moves.
Meme triangle currently holding Bitcoin in same formation
Pair with horizontals to see big picture, want to see Bitcoin close above $8203 on daily to feel bullish
Otherwise, consolidation continues and is natural after a strong price push up over past few months pic.twitter.com/T4UZaJsIFY
— Josh Rager 📈 (@Josh_Rager) May 24, 2019
Meanwhile, crypto trader and investor, Josh Rager say in order to feel bullish, Bitcoin needs to close above $8,203 on daily.
— moon (@MoonOverlord) May 24, 2019
Senior analyst at eToro, Mati Greenspan also shares similar sentiments as he sees Bitcoin building momentum on the short term as well calling out,
“We just might see a breakout here.”
Market is feeling very bullish currently
BTC > 10k by December = 50%
BTC < 4k by December = 8% pic.twitter.com/to9Hjwut6A
— skew (@skewdotcom) May 24, 2019
As Skew shares in the Tweet, the market is certainly feeling very bullish right now. Based on the prices of options trading on Deribit, there is more than 50 percent probability of Bitcoin going above $10,000 by December while a mere 8 percent probability of going below $4,000.
Bitcoin Less Than a Year Away from the Supply Cut Coming in 2020
According to a recent Twitter poll, the majority of the respondents that is 61 percent out of the total 2,574 said they Bitcoin going on a “front run up here” in reaction to BTC halving.
How will markets react to #bitcoin 2020 halving?
— PlanB (@100trillionUSD) May 20, 2019
Historically bullish event the Bitcoin reward halving that would cut the BTC supply by half is now less than a year away that is scheduled for May 2020.
Following the first halvening in 2012, Bitcoin surged from about $10 to $1,000 and the second time BTC price almost tripled when it climbed to nearly $20,000.
Imagine if daily printing of US dollars was suddenly cut in half forever. Bankers would be FOMOing even though USD isn't a scarce asset.
Now imagine what they're going to do when the daily Bitcoin supply is cut in half for one of the scarcest assets in the world.
I can't wait.
— Pomp 🌪 (@APompliano) May 22, 2019
“The first halvening brought inflation from 40% to 20%. The second from 20% to 10%. The next halvening is going to reduce it from about 3.8% to 1.9%,” Kyle Samani, co-founder of crypto hedge fund Multicoin Capital Management, said in an email. “On an absolute basis, each halvening is becoming increasingly less relevant.”
It’s More than Just the Price
The price is back being bullish however what’s interesting is that after 200 days, Bitcoin closed at a higher price than 1 year prior.
“During Bitcoin’s life, you’ve been 3x more likely to have bought at a higher price than you would have one year prior,”
points out crypto analyst, Ceteris Paribus.
Today was the first day in more than 200 days that Bitcoin closed higher than 1 year prior. Throughout its history, it trades higher year-over-year 75% of the time.
Quite odd behavior for an asset that keeps dying. pic.twitter.com/yoozSiM6mC
— Ceteris Paribus (@ceterispar1bus) May 23, 2019
As we shared recently, the Bitcoin network is growing as the hash rate is back to nearing all-time high recorded in 2018 while daily transactions have been settling $6 billion per day now.
Additionally, Bitcoin active addresses are back on pace to break the $800k per day in May as shared by Bitcoin enthusiast Kevin Rooke. The last time Bitcoin crossed over 800k active addresses per day has been in January 2018.
However, Bitcoin is more than just its price that is back on its journey to a new peak. As Bitcoin believers have repeatedly called out it is a type of money that is digital and independent of any government that is hard to inflate and seize.
Bitcoin is a new type of money that is digital and independent of world governments or corporations. It is hard to seize, block, or inflate and easy to send around the world.
It is the best money we have ever had. As more people realize this, the price should rise. #stackingsats
— Matt Odell (@matt_odell) May 23, 2019