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In layman terms, could you share your thoughts on where do you think Bitcoin can end this month, especially bearing in mind the halving event?


Anna Williams
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Hi Anna, thank you for your question. As you have probably read, the Bitcoin halving event is scheduled to take place this week. In general, it is considered to be a bullish event for the Bitcoin as the reward for miners is cut in half. 

Technically, the Bitcoin price broke above a very important resistance area yesterday. This $9,000 zone capped Bitcoin from moving higher in the past. The path for the extended rally to the upside is now clear with Bitcoin buyers eyeing $10,500 next.

Hence, I believe that Bitcoin has a very good chance of ending the month above $10,000. 


 

Edited by Beniamin Thomas
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Hi Anna, thanks for the question.

Although your question relates to Bitcoin price analysis in May, let me follow up on the latest developments and see where we stand in June. 

In the last week or so, Bitcoin has been trading pretty much in the sideways manner. The range is tight as the price action trades between $9,100 and $9,500. This situation comes after the buyers failed to clear $10,000 resistance in the second attempt in the past few weeks. 

Fundamentally, the latest data show that the market’s biggest players, the so-called whales, have continued to stockpile Bitcoins. According to the blockchain analytics company Glassnode, the number of Bitcoin whales was 1,840 as of the last week. This figure is 2% higher compared to the number of whales present on May 1. 

On Monday, the number of Bitcoin whales hit a new high - 1844, which is the highest level recorded since November 2017. This situation is likely a result of the post-halving accumulation of Bitcoins, which on the other hand, indicates the optimism among investors when it comes to Bitcoin’s long-term prospects. 

Technically, Bitcoin price looks depressed around $10,000. However, analysts at Bloomberg believe that Bitcoin might hit an all-time high of $20,000 before the end of 2020. One of the reasons that indicate this situation in the near future is exactly the consistent accumulation of BTC that might ultimately cause the Bitcoin price to rise well above $10,000.

“We are bullish in the medium term with a target of $12,000. Bitcoin is currently trading as a ‘risk asset’ and will likely be subject to continued volatility as further US economic data is released in the coming days,” said Matthew Dibb, one of the founders of Stack, a provider of digital asset trackers and index funds. 

All in all, Bitcoin bulls may have opted to force the current situation and consolidate gains above $9,000. This way, they are setting up a base before launching a powerful attempt to clear $10,000 and target $11,500 - $12,000 next.

I hope you found my assessment helpful.

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It’s almost 2 months since the Bitcoin halving. Occurring approximately every four years, this event slashes the coin’s block reward into two. This year saw the issuance move from 12.5-6.25 BTC, bringing the daily mined coins to 900 from 1,800.
While it didn’t feature instant price leaps as anticipated, the halving was crucial in shaping the future of the digital market. The phenomenon came amid the recession of March 12 where values sank below $3,600. This accelerated Bitcoin demand with most investors using the situation to buy more coins. This swift action by traders came in handy to stabilize the values.
Bitcoin has since risen to its third-highest Q2 close. The highlight was at the start of June where prices were just under $10,500. Additionally, the better parts of May and June witnessed sideways movements of $8,500-$10,000 coupled with several slow days.
With the growing interest among organizations, Bitcoin could register the best prices in the coming months. Even so, Q3 has been one of the toughest times for the cryptocurrency over the years. 
 

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Hi Anna,

Bitcoin (BTC) has been fighting to remain above $9,000 lately as bears have gained control. On the other hand, holdings of Bitcoin, Ether and other cryptocurrencies have increased on Japanese exchanges during the coronavirus lockdown.

The recent report from the Japan Virtual and Crypto Assets Exchange Association (JVCEA) showcases the details regarding the increase.

According to the report , 169,376 BTC was held on Japanese exchanges, 11% more than the last month. Holdings of XRP increased by 6.4% to 3.2 billion, while Ether holdings surged over 5.7% to 1.14 million ETH. 

Other digital currencies that recorded an increase include Bitcoin Cash (BCH), Monacoin (MONA), Litecoin (LTC), and NEM (XEM).

During the lockdown, BTC spot trading volumes were at 617.3 billion yen ($5.8 billion), 11 times more than XRP trading volumes.
 

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Hi Anna, thanks for asking the question.

Bitcoin (BTC) price surged 4% yesterday and closed north of $11,800. Thanks to the strong closing figure, the top cryptocurrency broke above $12,000 but saw a spectacular correction shortly afterwards.
BTC plunged from $12,100 to below $10,600 in 15 minutes in the night. Since the former resistance level of $11,500, which is now a support, BTC bulls managed to get on the long side. The cryptocurrency quickly surged back to the north of $11,000. 
 

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Bitcoin is reaching new levels every day, and sooner or later it will cost 100k $. At least this is my personal opinion. Today, more and more people are investing in cryptocurrencies, and the most popular crypto is bitcoin, that is why it mostly will go up and will reach 100k$ till the end of 2021. Also, if you don't want to buy a bitcoin, you can make up a crypto cloud mining farm, that will mine bitcoins or other crypto for you. Read more on https://www.instagram.com/miner.land/?hl=en  about this.

Edited by Alexander Vaughan
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