History Doesn’t Always Repeat, But is Certainly Rhymes: This Bitcoin Halving Chart is Truly Bullish
*Crocodile Dundee accent*
— Jonny Moe (@JonnyMoeTrades) March 4, 2020
A glance at the chart above reveals a recurring pattern periodically. The pattern appears to be repeating post Bitcoin halving dates. A rise is recorded after each halving which results in a new high for the cycle.
Following the high is a steady decline which maintains a value close to the high. This pattern is another source of bullish predictions on the price of Bitcoin as the next halving draws nigh.
In the next two months, the halving will take place. Bullish analysts expect the price of Bitcoin to rise as it has done in the past after the halving. Further, there are other similarities indicated in the chart that are fueling bullish sentiments. Bitcoin has risen and dropped similarly as it has done in the past before the date of the halving.
But is The Bearish Downtrend Over?
In as much as the patterns invoke bullish sentiments, traders have to tread carefully when strategizing their crypto trading. Prevailing market conditions in this cycle are quite different from what was there in previous cycles.
The appearance of a golden cross that many hoped would result in Bitcoin moving past $10,000 resulted in a drop in Bitcoin value, the opposite of market expectations. This points to the importance of considering other factors that will play decisive roles in this cycle.
Other analysts have found a balance between bullish predictions and treading cautiously concerning Bitcoin predictions. Conservative predictions are now coming up. These suggest that Bitcoin will increase in value but will not reach the suggested new all-time high that has been quoted in numerous bullish predictions.
Featured Image Source: BitIRA
Sal Miah is the senior editor at Blockspectator News and is a regular contributor to a variety of cryptocurrency news websites and projects. He has written hundreds of articles on numerous topics related to blockchain and also has a special interest in financial markets. Contact him directly at email@example.com