By Solomon Odunayo
Bitcoin, the largest cryptocurrency by market capitalization has been experiencing price retracement and reluctance over the past few months. BTC trends back and forth in the market, with little or no indication of a consolidating price momentum anytime soon.
However, a crypto trader and analyst named Crypto Michael on twitter recently sees otherwise. He said Bitcoin breaking and flipping back above $7,150 could be a means to retest $7,800 resistance level.
Crypto Michael Says Bitcoin May Retest $7,800 if it Flips above $7,150
Since the emergence of Bitcoin about 10 years ago, crypto analysts have played a big part in the path of its growth and development. That’s why their shared opinions, or better still, sentiments are at times considerable.
As Bitcoin displays lethargic growth, with a seemingly unpredictable price trend, a popular crypto trader and analyst identified on Twitter as Crypto Michael has hinted about the possibility of bitcoin retesting $7,800 price region anytime soon, if the digital token could flip above $7,150 resistance.
He said, “Wouldn’t surprise me to see something like this, as long as we hold green. Breaking and flipping back above $7,150 would make the price go back in the range & then we’re eager to look for $7,800 later on. Crucial to hold green, nonetheless.”
Wouldn't surprise me to see something like this, as long as we hold green.
Breaking and flipping back above $7,150 would make the price go back in the range & then we're eager to look for $7,800 later on.
Crucial to hold green, nonetheless. pic.twitter.com/llIpRld0Nw
— Michaël van de Poppe (@CryptoMichNL) December 15, 2019
Resilience of Bears and Bitcoin Halving
The resilience of the bears over the price of Bitcoin in the market has become a thing of concern to most BTC enthusiasts, traders and investors. When to see BTC around its recorded yearly price high has been a cause for agitation within the crypto community, especially among the newcomers in Bitcoin trading and investment.
Majority of cryptocurrency analysts believe that the much-awaited Bitcoin halving will cause a great turnaround to the price of BTC, as they unanimously put the two previous halving conducted into consideration.
According to the history of the previous Bitcoin halving, a year after the event is expected to welcome a parabolic price uptrend of the digital currency. The event is scheduled to hold every four years. The last time it was conducted was 2016, and the next Bitcoin halving is expected to take place in May 2020.
To be frank, halving has so far been favorable to the price of BTC. It was also envisaged that the effect of 2016 Bitcoin halving aided the price of the cryptocurrency to record its all-time high of $20,000 in January 2018.
Howbeit, it is presently not certain if the forthcoming halving will positively impact the price of BTC in the market, considering the stance of some crypto analysts who claimed that the halving has already priced in.
Other cryptocurrencies are also expected to partly benefit from the event if the effect is positive. The sovereignty of Bitcoin over other digital currencies has given the king of coins the major control over prices of tokens in the market.
For instance, as soon as BTC started its parabolic price movement that aided it to reach $20,000 in 2018, virtually all other top cryptocurrencies also followed suit. So, this upcoming Bitcoin halving could as well bring fortune to the paths of other minor and major coins if the prevalent expectation eventually plays out.
Meanwhile, the price of Bitcoin is still trading below $7,200 resistance level. Its next trend can only be envisaged, it cannot be ascertained. At the time of writing, BTC is trading at $7,135.20, with 0.11% price uptrend in the last 24 hours.