Top Trader: Bitcoin to Consolidate for Weeks Before Kicking Off Massive Rally
Bitcoin’s price action over the past couple of weeks has made it incredibly unclear as to whether or not the uptrend it has seen throughout 2020 is more than just a fleeting attempt to rally.
Now, BTC’s ongoing bout of sideways trading comes just a couple of months before what one analyst is describing as its “most significant event” – the halving.
One top trader is now noting that he anticipates Bitcoin to trade sideways or begin drifting lower in the days ahead, with this lackluster price action being followed by a massive upwards movement.
Top Trader: Don’t Expect Bitcoin to Make Any Big Movements for a Few Weeks
At the time of writing, Bitcoin is trading down marginally at its current price of $8,735, which marks an extension of the bout of sideways trading that it has been caught within for the past several days.
This boring price action first began this past weekend when Bitcoin plummeted below $9,000, which sparked a sharp downwards movement to lows of $8,400.
From this point, the crypto was able to recover and climb back towards the upper-$8,000 region, although every attempt by buyers to recapture the crypto’s position above $9,000 has been met with significant selling pressure.
It is important to note that this price action may extend significant further, as one top analyst is noting that he believes Bitcoin will consolidate for the next two weeks before kicking off its prophesized “pre-halving” rally.
Galaxy, a popular and well-respected analyst, explained that this bout of consolidation marks BTC storing up energy for what he describes as the “most significant Bitcoin event.”
“Don’t be glued to your monitor as we might consolidate here for at least a week or two. We need all the energy for what is about to come as we approach the most significant Bitcoin event, the halving.”
Don't be glued to your monitor as we might consolidate here for at least a week or two.
We need all the energy for what is about to come as we approach the most significant #Bitcoin event, the halving. pic.twitter.com/2RZnMxRGVh
— Galaxy (@galaxyBTC) March 4, 2020
It is important to keep in mind that the halving isn’t the only bullish event Bitcoin has going in its favor, as two developments today have also given it some fundamental strength.
Crypto Michaël, another populist cryptocurrency trader, pointed to India’s supreme court lifting the cryptocurrency banking ban and HTC’s new 5G router that can run a BTC node as two developments that are bullish for the crypto.
“Today: – India becoming positive on cryptocurrencies and lifting the ban. – HTC announcing a 5G router, which can run a BTC node. Bullish,” he said.
Today;
– India becoming positive on cryptocurrencies and lifting the ban.
– HTC announcing a 5G router, which can run a $BTC node.
Bullish. #BITCOIN
— Crypto Michaël (@CryptoMichNL) March 4, 2020
The coming weeks should be interesting for Bitcoin, as its price action will either validate or invalidate the plethora of narratives currently surrounding the crypto’s upcoming halving.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @Cole Petersen, @Khareem Sudlow