BITCOIN BULLS TEMPORALLY NEUTRALIZES BEARISH SENTIMENT MARKET PRICE by E. Okorie, 10th of May , 2020
The Bitcoin bulls temporally neutralize the bearish sentiments on Thursday 30th of March, 2020 by attaining the $9500 price range. The price of bitcoin further gained value on the 5th of May to attain the $10,000 benchmark. There are various reasons why this happened. Clearly, bitcoin has been gaining value throughout the COVID -19 pandemic as various countries are either on lockdown or halting various services so as to prevent the spread of the virus via social distancing. As bitcoin price broke the $7,500, the probability of a bearish trend continuation was minimized.
However, there are various speculations on the internet trending now such as "bitcoin halving" - A phenomenon where bitcoin price loses half of its value so as to attain another all time high. This is still possible due to the fact that bitcoin is currently in the oversold region and would need to find support. The major supports and resistance here now are $8100, $7,500 and $8,800, $9,459, $10,000. A downward break of the $7,500 level would trigger a completion of a bearish reversal pattern. Bitcoin price is currently exhibiting a distribution pattern may fall to $7,500. Also, as the COVID -19 pandemic is being contained and various countries are lifting restrictions, there is high tendency that this event may have an adverse effect on bitcoin price. The bitcoin halving is expected to hit the market this month. The bearish markets still target the $3,000 level.
Nevertheless, even though bitcoin is currently over bought, it strives and appreciates in value mainly on this region and the bullish market may consider taking this opportunity to fruition. The bullish market currently targets the $11,200 benchmark.