Bitcoin Price (BTC) Targeting $ 8,000 – Only 15 Days Until Halving

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Just under two weeks before the halving, the Bitcoin price (BTC) continues to grow. At the start of the week, the altcoins also recorded gains.

The Bitcoin price (BTC) starts the new week with a plus of 2.4 percent in the last 24 hours. Since last Thursday, the largest cryptocurrency by market capitalization has been able to maintain the price jump from just under $ 7,000 to $ 7,500 last Thursday with slight outliers. The Bitcoin price is currently trading at $ 7,733 and has risen in value by 8.4 percent in a weekly comparison.

Altcoins are also continuing on their successful course. The ether price (ETH) has risen by 1.7 percent in the last 24 hours and barely bounces off the $ 200 mark at the time of going to press. With a plus of 9.5 percent within a week, the second-largest cryptocurrency by market capitalization climbs to $ 197.09. The XRP price also grows, increasing 2 percent daily to $ 0.198. Thus, the ripple coin achieved a value increase of 4.4 percent in one week. IOTA price (MIOTA) is also confidently starting the start of the week with an increase of 2.4 percent in the last 24 hours. The price gains in the weekly comparison are even more impressive. The Internet of Things currency rose by 12 percent within a week and thus climbs to currently $ 0.175.

Overall market visualization

Under the market dominance of the top cryptocurrency Bitcoin, almost the entire crypto market is currently turning positive. Profits also coincide with a significant increase in market capitalization. If it was below $ 200 billion by Wednesday, more than $ 25 billion has been flushed into the market since then. With a trading volume of around $ 75 billion in the last 24 hours, market capitalization rises by 2.3 percent to around $ 224 billion.

btc price - Bitcoin Price (BTC) Targeting $ 8,000 - Only 15 Days Until Halving

Total market visualization: Coin360.

Bitcoin price as halving approaches

The clock is ticking. The block rewards in the Bitcoin network will be reduced from the current 12.5 BTC to 6.25 BTC in around 15 days. The bitcoin halving should be marked in red in the crypto calendar of every Hodler. After all, if the demand for the crypto asset decreases, the price should experience a boost due to the shortage of the supply quantity – at least as the previous halvings showed.

Since Bitcoin is designed to be deflationary, meaning that there are never more than the specified amount of 21 million Bitcoin in circulation, the halving also affects the inflation rate of Bitcoin. The inflation rate is reaching, as Mati Greenspan, founder of Quantum Economics, announced via Twitter after halving, 1.8 percent:

As Avichal Garg, Co-Founder of Electric Capital also added in a tweet, the bitcoin inflation rate after the halving falls below the inflation rate of gold:

It remains to be seen whether the Bitcoin price will actually attract halving. At the moment, the gains of the past few days indicate at least a temporary stabilization of the price. In any case, the halving could entice new investors to invest in the crypto asset and thus trigger a market dynamic below which the Bitcoin price should rise rapidly. In addition, the halving could be the point at which the largest cryptocurrency by market cap decouples from traditional markets and attains the status of a crisis-proof asset class.

Bitcoin price technical analysis

The weekend was very good for the Bitcoin rate. Not only was it able to hold on above $ 7,000, but it is also now about to test the moving average of the past 20 weeks. With rising MACD and RSI indicators as well as a high aroon up signal, we come to a bullish assessment overall. For the trading recommendations, we are based on those of the last week:

  • Long Position: Entry, if you haven’t opened one yet, at $ 7,988.78, targets at $ 8,901.12, stop loss at $ 7,514.75.
  • Short Position: Entry at $ 7,391.57, Target at $ 6,665.28, Stop Loss at $ 7,514.75.

btc analysis - Bitcoin Price (BTC) Targeting $ 8,000 - Only 15 Days Until Halving

When viewed deeper, we see that the upward movement is primarily due to the Sunday traders. With a rising MACD and a high aroon-up signal, we come to an overall rather bullish assessment. We come up with these trading recommendations based on the Fibonacci retracement:

  • Long position: entry at $ 7,838,739, target at $ 8,152.99, stop loss at $ 7,644.32.
  • Short Position: Entry at Fall below $ 7,330.06, Target at $ 7,106.35, Stop Loss at $ 7,487.19.

The price estimates shown on this page do not constitute buy or sell recommendations. They are only an analyst’s assessment.

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About Author

Ethan Hunt

Bitcoin Maximalist and Toxic to our banking and monetary system. Separation of money and state is necessary just like the separation of religion and state in the past. Also, pro-local, pro-global and anti-national.

Disclaimer: All content found on 7bitcoins.com is only for informational purposes and should not be considered as financial advice. Do your own research before making any investment. Use information at your own risk.

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