Here’s Why Bitcoin Might Rally 100% to $18,000 by the 2020 Halving

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Here’s Why Bitcoin Might Rally 100% to $18,000 by the 2020 Halving

Bitcoin hasn’t fared too well over the previous week; after striking $10,000 last weekend, the rate of the leading cryptocurrency fell, tumbling from that crucial mental resistance to a rate as low as $8,450(TradingView data)– a drop of 15%.

While there are a variety of experts hinting that this retracement is a precursor to a deeper correction, a growing variety of analysts declare that BTC is on the edge of rallying 100% (or more) towards the previous all-time high of $20,000

What’s much more fascinating about these forecasts is that a couple of traders anticipate such rate action to take place over a number of months, not the years it took BTC to vacate a booming market in 2014-2015

Associated Reading: Crypto Tidbits: Bitcoin Plunges Under $9,000, Bitfinex and OKEx DDOS Attacks, Warren Buffett Bashes Cryptocurrency Again

Could Bitcoin Truly Struck $18,000 In the Coming Months?

In spite of the worry drifting around the crypto market at the minute due to recently’s extreme correction, Polar Hunt recently shared the below analysis. 

The analysis, which tries to compare the rate action in between the marketplace structure in 2014-2016 to the marketplace structure, recommends that Bitcoin is presently “holding up well” versus the previous market cycle.

BTC following the previous market cycle to T, per Polar Hunt’s charts, will suggest the possession rising to $18,000– a gain of over 100% from the present rate of $8,550– by the time of the block benefit decrease in May 2020.

While this might sound excessively positive, the listed below chart reveals spooky resemblances in the market structures in between the previous market cycle and the present, resemblances that Polar Hunt recommends includes credence to his bullish argument.

Far From the Only Bull

Polar Hunt is far from the only expert to have actually recommended that Bitcoin will rally near $18,000 in the coming months.

Talking To CNBC in an interview released 2 weeks back, Mike Novogratz– the CEO of Galaxy Digital and a previous partner at Goldman Sachs– argued that Bitcoin might trade around $20,000 “actually by the halving, which remains in a number of months.”

While he didn’t mention drivers for such a “crazy” relocation in that interview, the financier has previously cited reserve bank policy, the halving, and institutional participation as essential drivers for BTC’s development in the future.

Likewise, Financial Survivalism– the trader who called Bitcoin’s rate action in January weeks beforehand– recommended in a TradingView post entitled “Why I believe Bitcoin will retest All Time Highs by July 1, 2020″ that BTC will trade at or above $20,000 by July 1st. He pointed out a confluence of technical indications to back his point.

 Included Image from Shutterstock

Nick Chong Read More.