The countdown to the Bitcoin halving is on. It is precisely thirteen days to the auspicious moment now when the pre-programmed algorithm will cut the BTC reward to half.
Reports suggest that retail investors are stocking in their BTC wallets. Bitcoin trading portals reveal that they are being flooded with account creation requests. It only shows the expectations and anticipation regarding the BTC halving. 87.39% of all Bitcoins have already been mined. Since the amount in circulation is less, and the demand is rising exponentially, it seems only logical for the BTCUSD prices to increase.
Price analysis and prediction for BTCUSD
The daily range as of now for BTC is $7,717.14 — $7,889.00. The volatility has reduced dramatically. Currently, BTCUSD is trading at $7,870.
The possible scenarios for BTCUSD could be an upward movement till $9,000 or a fallback till $7,000. Either of these could happen before the halving. The possibility of both of these events occurring also exists. The reason is the huge growing demand. The demand with limited supply could drive prices significantly up. In that case, if the BTC whales start unloading their share of Bitcoins, the BTCUSD would begin to plummet.
Technical analysis of BTCUSD
Let us look at the hourly timeframe for BTCUSD. Source: TradingView.com
- It can be seen that Bitcoin recently broke out of a triangle pattern. BTC price began rising following the breakout.
- The breakout pattern was prominent, and the upswing following the breakout was a good one. The next resistance lies at $8,014.
- The steady incline in the RSI or the Relative Strength Index shows the price rise could cross past the $8k mark.
