Bitcoin price rallied from $6100 to $7300 in a week and got rejected in this region and now trading in the range of $6600 to $6800. There is almost 40 days left for halving, which is a major historical event in the Bitcoin eco-system. Is it going to be bullish again and history repeats or this time this is going to be a completely different scenario? That’s a million dollar question among the crypto traders.
According to the expert traders, they believe bitcoin will hit $8000 in the upcoming weeks and if Corona pandemic lengthens, there is a more chance Bitcoin price will break below $5000. Though halvening is an important event, the corona virus made a bad impact on every country which creates a lot of pressure to sell stocks, gold and crypto during March.
Month April is slightly bullish, but this is not going to breakout soon according to the traders.
Many of them still believing this halving event is going to be different and more chances we are going to drop in the last week of April and first week of May. If $5000 support is broken, there will be a huge sell pressure and BTC price will drop to $3100 to $3200 region.
So keep your stop loss tight in the crypto exchanges and trade with caution.