By Solomon Odunayo
Bitcoin has not really made any significant uptrend lately, but it has been stable atop $7,000 support level, strengthening the hope of not dropping further below the psychological support.
After studying the trend of Bitcoin recently, a popular cryptocurrency analyst, Josh Rager has aired his opinion on the most possible trend of BTC, averring that the price of the digital currency is on the ascending channel, making a move to $8,000 possible.
Josh Rager Says Next Move of Bitcoin Price Could Be $8,000
Josh Rager is a popular Cryptocurrency analyst on Twitter. His analysis and price prediction are based on the short term trend of any digital currency he chooses to analyze.
As Bitcoin indicates that its next possible trend could be an upside, Josh Rager then corroborated the possible move in one of his recent tweets, captioning a chart to make it more explanatory.
There he pointed out that BTC is at the moment in an ascending channel, averring that the move could lead the digital token to test $8,000 price level once again.
He said, “BTC – currently in an ascending channel and at a key resistance Break and close here likely lead tp push up to $7800 to $8000 next High time frame is still bearish trend – so keep all things into perspective.”
$BTC – currently in an ascending channel and at a key resistance
Break and close here likely lead tp push up to $7800 to $8000 next
High time frame is still bearish trend – so keep all things into perspective pic.twitter.com/ZA98qe7pPj
— Josh Rager 📈 (@Rager) December 7, 2019
Bitcoin Price After 2020 Halving
Bitcoin (BTC), the largest cryptocurrency by market capitalization, is not living up to the expectation of many cryptocurrency enthusiasts due to the reluctant growth trend it now exhibits as its third halving in the history approaches.
Bitcoin traders and investors are obviously anticipating the halving that is scheduled to hold in May 2020. The positive impact which the previous halving had on BTC price makes it more convincing that history could repeat itself.
Some other cryptocurrency analysts are on the contrary regarding the expected positive effect many are anticipating, claiming that the upcoming Bitcoin having might end up with no tangible impact on the price of the digital currency.
Unpopular Opinion –
Bitcoin halving in May 2020 won’t do anything to the price. It will be a non-event.
— Jason A. Williams “Parabolic Dua Lipa” (@GoingParabolic) December 1, 2019
Another point to take note of is the recent trend of Bitcoin price. BTC has actually retrogressed. Comparing its present state to the level it was in mid-June 2019 when it experienced the parabolic movement, that aided its price to record a new yearly high of $13,800, one could simply conclude that the pessimists about the 2020 Bitcoin halving have reasons to doubt.
Howbeit, Bitcoin cannot be underestimated when it comes to price trend if the past price actions of BTC is carefully put into consideration. The digital currency is presently trading above $7,400 support level. At the time of filing this report, BTC is trading at $7,570.56, with a relatively 2% price uptrend in the last 24 hours.
Bitcoin sovereignty on other cryptocurrencies is getting more obvious as expected. Top digital currencies have lost or gained market value relative to the trend of Bitcoin, unlike when they tended to grow independently without bowing to the dominance of BTC.
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