There Are Less Than 375,000 Bitcoins Left To Be Mined Before The Halvening
Yes, it’s that close. There are less than 375,000 Bitcoin left until the halvening. That’s really not that many. Only enough to last until May 14th, 2020. At that time the supply of new Bitcoins will be cut in half. That is a very important factor in why Bitcoin prices are going to move higher.
Bitcoin Is Moving Lower Right Now
Bitcoin is moving right now and, frankly, I think that is a great thing. It means BTCs are getting cheaper and cheaper all while the outlook for massive price increases grows. When trading at $10,000 a move to retest the all-time highs is a mere 100% gain for traders. Trading at the new low of $7,500 that increases to near 200% and I think the value will increase.
The Technical Picture Is Bearish
Bitcoin has just fallen below a key technical support level and indicated lower. MACD and stochastic are both confirming the drip with bearish crossovers that suggest a move to $7,000 or lower. The caveat is that both MACD and stochastic are very weak in their signals, it is possible today’s move is the end of the down turn. From that perspective, stochastic and MACD are both set to fire fairly strong bullish signals. The trick is waiting for the close of today’s candle, and possibly even tomorrows. While support is broken at $8,000, the true support target is closer to today’s low, the lows of June 2019. If that level is surpassed and the market closes there BTC prices could see a sharp drop.
Long-Term Outlook Bearish Too
The long-term outlook for Bitcoin, despite the bullish catalyst of halvening, is bearish too. The indicators are bearish and showing strength in both MACD and stochastic. In this situation an acceleration of selling pressure is likely, one that could easily take BTC down to retest support at $6,000. The $6,000 is a nice target for strong support, it is the baseline of the 2019 reversal, and one that won’t be easily broken. Regardless, the outlook for Bitcoin is bearish so it is advisable to wait if you are looking to up your holdings. If your trading I’d say a bearish positions should do well over the next week or two at least. We’ll see what happens.