Bitcoin (BTC) is trading below $9,000 at around $8,800 as the halving is getting closer with a high level of price uncertainty. According to Morgan Creek Digital co-founder Jason A. Williams, BTC price will hit $10K before the halving.
After a bull run that saw the Bitcoin (BTC) price clinch above $9,000, the asset is consolidating and now trading slightly below the $9K level. The price of its derivative with the U.S. dollar has formed a falling wedge on the 1-hour time frame, whereby the breakout might see it hit $10K, a price target by Morgan Creek Digital co-founder Jason A. Williams.
Tonight will set the stage for run up to 10k pre #bitcoin halving.
It’s all on Asia. If that happens look out!
— Jason A. Williams (@GoingParabolic) May 3, 2020
The asset has gained over $1,200 in value over the past seven days, despite a slight dip of 0.46% in the past 24-hours. At the time of reporting, the instrument was trading at $8,840, having risen 0.05% in the past hour.
The rally coincided with the sharp uptick in the transaction fee, which recorded a ten months new high at around $2.5. The same is being observed in the hash rate and the difficulty rate, which is reminiscent of what happened a few days prior to the previous halvings.
According to countdown, as from the time of writing, the Bitcoin halving event is approximately 7 days. This is after assuming the awaited event will take place on 12 May 2020, 05:47:14 UTC.
Bitcoin (BTC) Price Expectations During 2020 Having
The digital asset has seen its market cap reach $160.9 billion in the recent rally, with the daily volume even higher than both ETH and XRP market cap combined. As the event gets closer by every passing minute, the rash in most crypto investors leaves a mixed feeling of what to expect in the coming days.
The situation has become more subtle due to the uncertainty caused by the coronavirus crisis, which has infected over 3.3 million globally and killed around 238,628 victims according to a situation update by the WHO.
Analysis by different crypto analysts is leaving the puzzle with more confusing answers, as some are calling for a pullback after the halving, while others are for price continuation.
There are some obvious reasons why Bitcoin (BTC) price may drop after the halving event, citing historical data. However, we should bear in mind that the post-halving BTC price drop is not guaranteed.
Some traders and investors believe that a ‘sell the news’ type of drop will occur after the halving event.
However, all said and done, it remains a mare prediction game as the asset moves however it wishes, with different fundamentals pulling and pushing the instrument in different directions.