RATE Group | Can Block Reward Halving Save Bitcoin From Another Bear Market?
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Can Block Reward Halving Save Bitcoin From Another Bear Market?

16 Oct Can Block Reward Halving Save Bitcoin From Another Bear Market?

Posted at 06:27h in Bitcoin News by

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The pressure appears to be mounting again for Bitcoin. A couple of months ago they were saying ‘you’ll never get another opportunity to buy four figure BTC’, and today it is looking like dumping back to $6,000. All hopes are now pinned on the halving seven months away, but can it really prevent another bear market?

Bitcoin Breaks Lower Again

In the short term, BTC is looking bearish. Failure again to break resistance above $8,400 has resulted in another fall as BTC plunged to $8,100 a few hours ago. According to Tradingview.com it recovered slightly to trade at $8,150, just below previous support levels.

bitcoin

BTC price 1 hour chart – Tradingview.com

The patterns emerging on the hourly and daily charts are all bearish in the short term. A death cross is imminent on the daily chart with the 50 day MA poised to drop below the 200 day. The last time this happened was in March 2018 which led to a year-long bear market.

As reported earlier by NewsBTC a four month descending triangle has…

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