By Tobi Loba
Bitcoin (BTC), the largest cryptocurrency by market has started to indicate price recovery after a long stay below $8,000 price level. A few hours ago, BTC regained a bit of its price surging trend to break above $8,000 resistance level. Some crypto pundits and analysts believe that BTC is advancing into its next bull market.
In this regard, the Morgan Creek Digital Co-founder and stern Bitcoin maximalist, Anthony Pompliano has six crucial warnings for Bitcoiners, traders, investors, and potential investors.
Why Analysts Believe Bitcoin Is Its Next Phase of Bull Market
Over the last 24 hours, Bitcoin has been indicating price resurgence, making some crypto analysts to believe that the digital currency is starting to gather strength in other to sustain the next phase of the bull market.
A few days ago, a famous cryptocurrency analyst identified as PlanB on Twitter went to the bottom-line of the historical price actions of BTC every 6 months prior to halving.
While illustrating his findings with two combined charts captioned, PlanB pointed out that Bitcoin experienced about 140% price surge in the first-ever halving conducted in 2012. Noticeably, it was 6 months prior to the then Bitcoin halving.
Likewise in the second halving that played out in 2016, BTC experienced a relatively 86% price increase, from $350 bottom to $650. This makes him believe that the cryptocurrency could exhibit the same price actions that played out in the first two halving.
According to his assertion, if history repeats itself, Bitcoin’s price could surge by about 150% as the cryptocurrency approaches its much-awaited halving. The event is scheduled to play out in May 2020.
We are at about 6 months before May 2020 #bitcoin halving.
In 2012 btc jumped from $5 to $12 (2.3x) in those 6 months before the halving. In 2016 btc jumped from $350 to $650 (1.7x). pic.twitter.com/DKSQBOO2TD
— PlanB (@100trillionUSD) October 16, 2019
Another popular analyst, Rekt Capital, also shared his opinion about the usual reaction of Bitcoin towards every halving ever conducted.
He pointed out that BTC has always experienced price retracement once its halving is close-by, adding that “…These retraces also happen to be the first major corrections in a new Bitcoin Bull Market”.
Bitcoin is no stranger to strong retraces a few months prior to its respective Halving
These retraces also happen to be the first major corrections in a new Bitcoin Bull Markethttps://t.co/4StGraQAaQ$BTC #Bitcoin #Crypto pic.twitter.com/QV14J9Nn4K
— Rekt Capital (@rektcapital) October 16, 2019
All the above illustrations imply that Bitcoin is approaching a new phase of the bull market, which would literally benefit the anticipating traders and investors. BTC has settled above $8,000 support level with little or no indication of significant downtrend anytime soon.
At the time of filing this report, BTC is trading at $8,234.89, with 0.77% price uptrend in the last 24 hours. Its present price situation reassures crypto pundits that the bulls’ victory over intimidating bears is around the corner.
Anthony Pompliano Advices Bitcoiners as Bitcoin Enters Bull Market
Anthony Pompliano is a prominent Bitcoin influencer and adoption crusader. He has used Twitter productively in terms of initiating solidarity for the first and largest cryptocurrency created by Satoshi Nakamoto.
In one of his recent tweets, Pompliano believes that BTC is heading to its next bull market, but sent six crucial warnings to Bitcoiners, investors, traders and potential traders.
He said:
“Important message as we enter the next Bitcoin bull market: – BTC is very volatile – You can lose all of your money – Only invest what is ok to lose – Twitter is not investment advice – Don’t buy BTC with credit cards – Keep low time preference – Do your own research”.
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