Bitcoin Will Start Pumping This Summer, Asserts Crypto Trader A Year Out From BTC 2020 Halving
Bitcoin Starts Pumping This Summer, Asserts Crypto Trader
If we take a look at the current situation of Bitcoin, nothing has changed and doesn't seem to be happening in the near-time. The flagship cryptocurrency doesn’t care the majority of the volume on exchanges is fake. It simply is at rest, not trying to even muscle pump a little while altcoins surging like crazy. Even though a few top cryptos are showing bouts of jump before going back down, Bitcoin simple doesn’t care.
Basking at the $4k, it’s about a month now since we have seen $4,100. With a market cap of $70 billion, it is managing the daily trading volume of over $9.1 billion.
However, one crypto trader is confident that Bitcoin will start pumping in the summer of 2019. As for why? It’s because of our very dear, historically bullish, and much-anticipated event Bitcoin halving.
Crypto trader, Moon Overlord took to Twitter to share that it is happening in the coming weeks.
This is in line with his previous assessment where he talked the upcoming third bitcoin halving in May 2020. Traditionally, the flagship cryptocurrency had started pumping just around 1 year before the halving date. By this standard, we can expect the uptrend in May of this year.
Bitcoin halving is expected to bring in a new high for the leading cryptocurrency, however, it is projected Bitcoin will be trading sideways for the better part of 2019 before it starts moving upwards.
Given the fact that cycles are getting longer, it makes sense that this upward trend might be slow moving and come at the end of this year while following the 2015 bear market that the current longest bear market in the Bitcoin history is mirroring.
Having said that, while some experts believe the mid-December yearly has been the bottom at $3,200, other analysts are also expecting Bitcoin to take a bigger hit than that and get dumped down between the range of $3k and $2k that might even go to $1,800 level.
This lowest low has been called out by some in the first quarter of 2019 and we are just days away from crossing that on March 31st.
2019 saw a very slow incline of Bitcoin price from $3,200 low to $4k. February got to see the greens and March saw Bitcoin going from $3,800 to $4k and now struggling there. But it is to be seen if we will enter April at a higher note, or we would get out of March like a lamb.
What are your views on Bitcoin price in the short term and the effect of 3rd halving on the price? Share your comments with us in the comment section below!