Muhaimin is a journalist, a fintech and crypto enthusiast who is passionate about its development in Africa and across the globe. Muhaimin derives pleasure in reporting and analysing happenings in the crypto world and a believer in Blockchain technology.
The closer Bitcoin halving is, teh more predictions we get about teh BTC price in teh nearest future. Some of them are not very optimistic.
Much has been said about the looming Bitcoin halving to hold in four days. The Bitcoin halvening event has kept analysts busy, making predictions as to what would happen to the coin afterward. Many believe the crypto will go bullish after the event analyzing from recent happenings. Bitcoin since last week has continued to jerk forward, making analysts believe the price would skyrocket after halving.
At the moment of writing, BTC is trading at $9,359.49. It means that within the last 24 hours teh asset managed to gain 1%. It is believed that Bitcoin may reach $10,000 even before the halving event.
On the other hand, some analysts believe that Bitcoin price after halving would go on a reverse to $8,000 – $6,000 levels. Popular blogger and crypto analyst IvanonTech on Twitter acknowledged that BTC price surge after all previous halving was significant.
However, he agreed when asked that a plunge in price after the halving event is possible. He said in his tweet that post-halving short term dump to 6-8k is entirely possible.
Post-halving short term dump to 6-8k is entirely possible
— Ivan on Tech (@IvanOnTech) May 6, 2020
Another analyst, Michael van de Poppe believes that enthusiasts should not be too anxious about the coming halving. Pope believes halving’s impact on the crypto price would take time and not be immediate.
Today is Wednesday. Around 5 days until the halving.
That’s going to be Monday or Tuesday.
What will happen after Tuesday? It’s going to be Wednesday. Life continues. Hype is over.
End of story. $BTC
— Crypto Michaël (@CryptoMichNL) May 6, 2020
Pessimistic Predictions: Bitcoin Price to Plunge $1,800 after Halving
TradingView that provides price analysis on Bitcoin published a chart predicting that Bitcoin could plunge to $1,800 after halving. However, Peter Brandt was quick to react to the analysis describing it as hilarious and unbelievable.
It is actually hilarious that people post charts like this and expect others to take their predictions seriously
— Peter Brandt (@PeterLBrandt) May 6, 2020
Brandt said that technical analysis could not be used to predict markets, and every enthusiast can draw chats to favor him/herself. The chart TradingView published looked bizarre because of the combination of Fibonacci circles and channels. The chart predicted a total bearish case for Bitcoin, revealing that by 2021, it would plunge below $1,800.
After 2016 halving although, BTC plunged 30%, however, an 80% plunge as predicted cannot be explained. Brandt believes that Bitcoin could rise to $100,000 and still fall to as low as $0. On the other hand, Brandt has been the subject of several trolls on Twitter. However, he remains resilient.
Brandt has openly revealed he still believes in the Bitcoin story but doesn’t believe the bullish pipe dream will come true.