Is this the start of the Bitcoin pre-Halving rally?

The entire crypto market has accelerated in recent days. Not only is the global media increasingly talking about bitcoin halving, but the recent fall in oil markets has also led traders to take a second look at possible safe havens for 2020. Now that the best-known crypto is positive on a year-to-date basis, many bet it’s a safer hedge against future losses than leaving your money in the S & P500 or the AEX.

We also mentioned yesterday that Bloomberg also predicted a Bitcoin bullrun as in 2017, while Bank of America claims that the S & P500 will soon look for new lows.

Bitcoin has been trapped between $ 6,900 and $ 7,200 for twenty days in April, but has clearly left that level several hours ago. According to research, about $ 70 million in shorts at BitMEX have lost their position as a result. Auch.

Pre-halving pump?

With only 18 days to go before the long-awaited Bitcoin halving moment, traders and hodlers will both wonder if this is the long-awaited pre-halving pump or just a new short squeeze that takes the price a step further before trying $ 8,000 to deal with.

Analyst Denis Vinokourov claims that the market conditions of the global stock exchanges, the Covid pandemic and the crisis in the oil markets were simply a “perfect storm” for Bitcoin.

“A combination of positive network fundamentals in the form of mining difficulty adjustment and a strong showing by the hashrate since correcting lower in March, together with technical price formation above 50DMA and aggressive stop loss hunting through $7,500, sent Bitcoin soaring all the way to $7,800 level.”

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s