To many analysts, $7,300 remains key resistance considering the number of rejections the top asset had faced at this level. While Bitcoin remained caught up in a consolidation stint around the $7,000 range, analysts are predicting an imminent rally for the asset in the days and weeks ahead.
In the earlier part of the year, Bitcoin rose from its December price low of $6,400 to trade as high as $9,200, further hitting a new year high of $10,500 in the process. During the March crash, Bitcoin hit a bottom of $3,800 to rebound to the $5k levels in which it consequently rallied to its current price levels.
In the days ahead, analysts see Bitcoin’s recent trend merging closely with that of early January pattern stirring up the notion that BTC may experience a rally soon to trade past $8,000 levels just as it did in early January.
A trader noted that BTC is trading below its production cost ahead of the halving event. Based on historical antecedents, BTC may enter a Bout of bullishness in the days ahead if history replicates itself.
Many are anticipating a scenario where inflation of money would set in as a result of this, leading up to the deflation of assets boosting the value of the scarce Bitcoin.
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