Bitcoin price has recently rejected a major resistance of $10K that was due since its massive plunge in its price during the second week of March 2020. However, lately, the Bitcoin price has made a significant gain in its overall price and market capitalization as well, and crypto space is very much optimistic to witness a rally soon after the much anticipated Bitcoin Halving 2020 events.
A Major Resistance has Broken
In the meanwhile, analysts and traders consider Bitcoin reaching $10K as a signal to a highly anticipated rally in Bitcoin price. Based on the historical trend and technical analysis, the traders are pretty positive that the BTC price will surpass $15,000 in the third quarter of this year.
The traders believe that $10K is one of the significant resistance that should not hold bulls until the Bitcoin Halving events. The current situation about the worldwide discussion over bitcoin as an alternate investment option to gold and halving events is expected to add fuel.
Bitcoin had crossed the $10K in 2019. However, it was not managed to break go far beyond $14K. It shows that the price range till 15K works as a strong resistance, and if the Bitcoin price cross or stabilized within $9.5 to 10K, it will test the $15K resistance.
Bitcoin Halving 2020 and Future
If we consider the past halving events, the BTC price was rallied within a month after halving and resulted in a massive gain in its price. Although this year, halving is expected to be different due to the current ongoing crisis and considerable reduction in the mining reward. However, the analysts are in agreement about the witnessing almost a similar trend in BTC price after the halving takes place. The below technical analysis shows the possible pattern BTC price may following the bitcoin halving for sometime before driving to $15K.
It is well known that halving events have propelled the bitcoin price to 10,000% within the few months after the halving took place. The current BTC price and the trader’s analysis ensure that BTC is on the way to break a major resistance, and afterward, the 15K price would not be far.