Today we discuss Bitcoin in May.
We have discussed, Bitcoin Halving in a recent episode but from that episode we have concluded bitcoin price action is a result of the halving as well as, “Have the miners priced in the halving?”
We used historical market data and even went a step further to study market trends in order to predict potential future prices. It was a lot of fun to say the least.
Based on our analysis, we can only speculate on the price at the time of the halving.
Our analysis is looking accurate so far based on the two scenarios given during the Ultimate Bitcoin Halving Analysis.
Bitcoin in May (Highest Priced Reached)
2020: $11,374 3rd Halving - My Prediction
Whats ahead…Consensus 2020, Ethereal 2020, Virtual Blockchain Week. All very bullish events for bitcoin. More Stimulus Checks? Possibly and if so more people will enter bitcoin.
Important information to remember…most wall-street analysts are predicting the stock market following the Great Depression over the next 3 years. If this occurs the bitcoin and crypto markets will suffer as well just as it did on Black Thursday.
Keep in mind…in roughly 7 days, Bitcoin halvening will occur. This will reduce the block reward from 12.5 BTC per block mined to just 6.25 BTC. So, each miner will see their revenue cut in half, at least initially. The drop to 6.25 bitcoin is far more vital this halving than most people understand. This will give bitcoin its boost.
Facts to consider…“Have the miners priced in the halving?” This is the most important question when predicating price going into the halving. Which is also related to the downward bitcoin price movement?
Research and analysis of the Bitcoin market tells me…the bitcoin price in May will be very straight forward will be in the $7,400 - $13,000 range. Unless we see another drop in the markets then all bets are off, set those stop losses for $7,400. As it stands now a pump into the halving from now into May 12-16 we get back to $11K - $13K bitcoin. We then dump and fall back down to the $7.8K - $9.2K range as miners adjust to price post halving.
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