RE: 3 Reasons Why Bitcoin’s Price May Soon Explode Past $10,000
Well I’ve got one reason – because Bitcoin is Bitcoin and in its realm, nothing is better. Now we just gotta wait for the rest of the world to realize that and when they do, watch out!
These 3 Reasons Are Why Bitcoin’s Price May Soon Explode Past $10,000
Trader Satoshi Wolf recently noted that per his analysis of Bitcoin’s one-month candle chart over the past three years, there are at least three bullish technical analysis and fundamental signs that can be seen:
Firstly, the recent price decline that Bitcoin has seen from $14,000 to a low of $6,400 has been marked by decreasing volume, which he claims is “bullish.” Indeed, falling volumes in a downtrend would indicate that the sellers are gradually losing control.
Secondly, BTC in December decidedly bounced off the key $6,400 macro support level, which has been a level of utmost importance since early-2018, in December on high buying volumes.
And lastly, the block reward reduction for Bitcoin, which will decrease the inflation rate of the cryptocurrency by half, is on the horizon (May 2020). This event has been found to be correlated with upswings in the market.