RATE Group | Top Crypto Traders Predict Bitcoin Price Direction After BTC Halving
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Top Crypto Traders Predict Bitcoin Price Direction After BTC Halving

24 May Top Crypto Traders Predict Bitcoin Price Direction After BTC Halving

Posted at 03:26h in Cryptocurrency News by

Bitcoin’s (BTC) price has been showing extreme levels of volatility as it consolidates under a key level of $10,000. The price dropped to as low as $8,100 on May 11, merely a day before the highly anticipated mining reward’s halving.

Following the 20% drop, traders remain divided on where the Bitcoin price would go next, with some traders believing that BTC could immediately see an upsurge to the $14,000 to $15,000 resistance area. 

Historically, when Bitcoin’s price saw an extended rally, it went past key resistance levels with ease. For instance, it took BTC 28 days to increase from $8,000 to $20,000 in December 2017. In June 2018, Bitcoin’s price rose from $7,500 to $14,000 in just three weeks. So, BTC’s price has the tendency to increase by a large margin in a short period of time, especially when met with huge demand from retail investors. 

However, other traders foresee Bitcoin’s price testing lower support levels after its fall to $8,100. Given that Bitcoin…

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