a multi-day consolidation around $9,000, Bitcoin is finally breaking out again.
Thursday morning saw the cryptocurrency hit $9,400, revisiting the highs of
last week as bulls step in. While the ever-important $9,400-9,500 zone has held
as macro resistance yet again, the asset is coiling for a breakout. And
according to a top analyst, one who has made accurate macro Bitcoin calls, the
breakout will be one in the upward direction. Bitcoin is Coiling to Break Past
$10,000 The recent rejection at $9,400 is no worry for Bitcoin, according to a
top trader. He noted that considering the recent price action, there’s a good
chance BTC could hit $10,700 in the coming week.
“Chart from @Crypto_Birb (Twitter) It Lines Up With the
Bitcoin Halving The bullish scenario proposed by traders lines up with the
imminence of the Bitcoin block reward halving. In approximately five days
according to estimates, the number of BTC that miners mint per block will be
sliced in half automatically by the protocol. The result is in an instant 50%
reduction in the cryptocurrency’s inflation rate. The halving will be bullish
for Bitcoin, analysts have said.
Morehead, the head of one of the earliest crypto hedge and venture funds,
Pantera Capital, is one such analyst. In Pantera’s April newsletter, the former
Wall Street trader said that from a simple supply-demand analysis, he sees
Bitcoin rising in the wake of the halving: “It seems reasonable to say that if
the new supply of bitcoin is cut in half, all else being equal, the price
should rise. This ceteris paribus line is easy to envisage. Most miners sell
their block rewards as fast as they can. They need the money to pay for energy,
data center space, and to buy faster chips in the never-ending arms race.”
All information on this website is of a general nature. The information is not adapted to conditions that are specific to your person or entity. The information provided can not be considered as personal, professional or legal advice or investment advice to the user.
Signal Factory is not represented as a registered investment consultant or brokerage dealer nor offers to buy or sell any of the financial instruments mentioned in the service offered.
While Signal Factory believes that the content provided is accurate, there are no explicit or implied warranties of accuracy. The information provided is believed to be reliable; Signal Factory does not guarantee the accuracy or completeness of the information provided. Third parties refer to Signal Factory to provide technology and information if a third party fails, and then there is a risk that the information may be delayed or not delivered at all.
All information and comments contained on this website, including but not limited to, opinions, analyzes, news, prices, research, and general, do not constitute investment advice or an invitation to buy or sell any type of instrument. Signal Factory assumes no responsibility for any loss or damage that may result, directly or indirectly, from the use or dependence on such information.
All information contained on this web site is a personal opinion or belief of the author. None of these data is a recommendation or financial advice in any sense, also within the meaning of any commercial act or law. Writers, publishers and affiliates of Signal Factory are not responsible for your trading in any way.
The information and opinions contained in the site are provided for information only and for educational reasons, should never be considered as direct or indirect advice to open a trading account and / or invest money in Forex trading with any Forex company . Signal Factory assumes no responsibility for any decisions taken by the user to create a merchant account with any of the brokers listed on this website. Anyone who decides to set up a merchant account or use the services, free of charge or paid, to any of the Forex companies mentioned on this website, bears full responsibility for their actions.
Any institution that offers a service and is listed on this website, including forex brokers, financial companies and other institutions, is present only for informational purposes. All ratings, ratings, banners, reviews, or other information found for any of the above-mentioned institutions are provided in a strictly objective manner and according to the best possible reflection of the materials on the official website of the company.
Forex trading is potentially high risk and may not be suitable for all investors. The high level of leverage can work both for and against merchants. Before each Forex investment, you should carefully consider your goals, past experience and risk level. The opinions and data contained on this site should not be considered as suggestions or advice for the sale or purchase of currency or other instruments. Past results do not show or guarantee future results.
Neither Signal Factory nor its affiliates ensure the accuracy of the content provided on this Site. You explicitly agree that viewing, visiting or using this website is at your own risk.