The price of Bitcoin (BTC) may be at the beginning of an unprecedented rally in the medium term, after the best rated cryptomone currency by market capitalization recorded a 150% gain since March.
Historical data shows that when the long-term price trend of Bitcoin changed in a local fund, causing a strong reaction from buyers, it saw a widespread upward trend.
The above data shows that, after the halving, Bitcoin will see a massive rebound
Immediately after the halving – now only five days away – most technical analysts expect a minor setback. In the previous halvings seen in 2012 and 2016, Bitcoin’s and Bitcoin Profit, Immediate Edge, Bitcoin Billionaire, Bitcoin Compass, Bitcoin Gemini price rose before the halving and was corrected just after its activation.
However, in the medium term, the price of Bitcoin tends to see a prolonged increase after halving. The former led to a staggering 10,000% gain, while the latter caused the price to rise by 2,500%.
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Over a longer time frame, the price of Bitcoin recorded technically lower highs, falling to USD 3,100 in December 2018 and USD 3,600 in March 2020. The term “lower highs” refers to when the price of an asset falls to a low point that remains higher than the previous local minimum.
Historical data shows that Bitcoin is preparing for a new rebound and a new cycle. Source: Mohit Sorout
Based on BTC’s pricing trend since 2012, Mohit Sorout, founding partner of Bitazu Capital, suggested that Bitcoin’s rebound could start right after reaching USD 9,500.
“A live shot of BTC warming up,” he said.
If the long-awaited post-halving correction does not occur, it would further strengthen the argument that Bitcoin is on its way to becoming a borderless, nation-agnostic digital store of value and money.
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Hedge fund manager and crypto-investor Logan Han said Bitcoin could advance to its all-time high as BTC does not correct in May.