RATE Group | Bitcoin in Pre-Halving Rally, Could Hit $13,000 before May: Analyst
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Bitcoin in Pre-Halving Rally, Could Hit $13,000 before May: Analyst

29 Jan Bitcoin in Pre-Halving Rally, Could Hit $13,000 before May: Analyst

Posted at 17:49h in Bitcoin News by

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Those who are looking to exit their bitcoin positions may want to wait for four more months to extract better profits, according to a prominent crypto analysis company.

Trading signals provider TradingShot.com said in a note that bitcoin could be worth $13,000 in or before May 2020. It cited the cryptocurrency’s historical price behavior ahead of its halving – a pre-programmed supply cut event that is taking place in the same month – as the core reason behind the potential price rally.

Bitcoin 1W Chart

TradingShot noted that bitcoin is eyeing a break out from a so-called “high volatility zone,” as shown via an orange rectangle in the chart above. Meanwhile, the move upward could take the price into a “pre-halving triangle zone,” the top of which coincides with the $13,000 level.

bitcoin, cryptocurrency, halving

Bitcoin before supply cuts | Source: TradingShot.com

The analyst further drew a Fibonacci retracement graph to show its 78.6 percent level as a strong pullback level. Weeks before the second…

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