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Bitcoin [BTC] Price Analysis: Bulls Flow Back 3 Days before Halving, first target at $10,500


Bitcoin is more than a speculative asset. True, there are some elements of the digital currency that qualifies it as a “speculative” thereby drawing punters but that’s all part of the game.

Every asset, regardless of stature, has people who are there for the money. Nothing less, nothing more. And this money game is what draws the crowd, the sort of FOMO that’s associated with digital currencies three years after the crypto bubble of 2017 was popped in 2018.

Then, the subsequent freeze proved a challenge but Bitcoin, without a leader or a face soldiered on, drawing investors because of the network’s unparralled features as being a medium of exchange, a store of value, and a censorship resistant network.

Bitcoin has been resilient

This year, the fall of the commodities and the stock market cascaded into the Bitcoin ecosystem and within days of literally halving, bulls are back and price is trading above Mar 12 highs. The resilience and the determination of the community, it seems, is unmatched and is a feature that partly makes the digital currency a choice of many as statistics reveal.

The “Bitcoin Effect”

A recent paper by BitWise shows that a 2.5 percent annual allocation of Bitcoin added 15 percent more to a 60/40 portfolio over three years. Besides, for those who invested at the worst possible day, that is, those who bought at peaks, their 60/40 portfolio would still be better off if they had invested on Bitcoin.

BTC/USD Price Analysis

Bitcoin Daily Chart for May 8

At the time of press, it is evident that bulls are back and BTC prices are treading above $9,500. Up 14 percent in the last trading week, every low is technically a buying opportunity.

Advising this is the build-up of momentum and trading volumes as candlestick band along the upper BB. Note that following yesterday’s surge, price is now above April 30 highs and bear attempts have been squashed meaning there is a high chance that BTC will soar to $10,500 as bull press harder ahead of halving.

Any pullback towards $8,500 and the middle BB (the immediate support) would be an opportunity for those who missed the initial train.

Further dips below that invalidates the short-term bull trend and builds the case for a possible retreat to $8,000.

Disclaimer: This is not investment advice. Opinions expressed here are those of the author and not the view of the publication.

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Dalmas Ngetich
Dalmas is a very active cryptocurrency content creator and a highly regarded technical analyst. He has worked in various media as an analyst. He is passionate about blockchain technology, the futuristic potential of cryptocurrencies and enjoys the opportunity to help educate bitcoin enthusiasts through writing about his knowledge and analysis of coin price charts.
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