After the “halving” on May 11th, there was much to suggest that Bitcoin price would break out of a consolidation zone spanning several years. However, this breakout failed for the time being due to an important resistance at around $10,000.
As a result of the “halving”, the revenues of the BTC miners are now falling to the level of the beginning of 2019. Reason: After the “halving”, the amount of bitcoins mined daily has halved from 1,800 to 900 units which must now be divided among the miners.
The falling income means that small, inefficient miners with excessive gearing have to leave the competition due to unfavorable market conditions.
On the other hand, this is a good sign for the Bitcoin rate, because every time the revenue fell to a new multi-year low, a new upward trend began for the world’s largest cryptocurrency , according to Cointelegraph . The Bitcoin price is currently on a similar level as before the “halving”.
Bitcoin Forecast – Short term bleak, Long term everything is possible
The long-term downtrend currently runs in the range of $ 10,000, which has dominated the overarching chart picture since the all-time high of Bitcoin in December 2017 above $ 20,000.
After the halving on May 11, Bitcoin started up towards $ 10,000 again. However, the bulls were stopped shortly before reaching their long-awaited goal. Profit-taking started and Bitcoin dropped again to around $ 9,000.
There are currently many indications that the round mark at $ 10,000 will be tested again in the next few days. The fact that the short-term upward trend has remained completely intact since the March low speaks for a successful outbreak. But if bulls did not manage to go over $10K in the time of Coronacrisis combined with “Halving” event…when will this happen?
The $ 10,000 mark is a tough nut to crack for Bitcoin. However, a sustained outbreak would be a strong signal – both in terms of chart technology and psychologically.
Both the fundamental and the technical chart signals currently indicate a good chance-risk ratio that the tough resistance at $ 10,000 will be cracked over the next few weeks and months.
Those who have already invested will stick with it. Even brave newcomers can continue to build up a small bitcoin position as a deposit at the current level. After the recent “halving”, the medium and long-term Bitcoin price prediction seems positive.