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Bitcoin holds $15,000 despite it once falling to $14,800 after Pfizer announcing its COVID-19 vaccine is 90% effective. While gold, to which Bitcoin once showed correlation, is having a much slower recovery.
It seems Bitcoin has entered another consolidation phase as it failed to break above $16,000 for the past month. Bitcoin touched as high as $15,985 but the victory was short-lived as it soon crashed to $14,800.Currently, Bitcoin remains range-bound between $14,800 and $15,800. However, a significant pullback seems unlikely as Bitcoin has turned $15,000 into its support zone.
Bitcoin is preparing for a post-halving rally
Although the market has recorded increased selling activity by whales, long-term investors continue to buy and hold.
“This volatility is just fast money funds that play $BTC as a higher beta $GOLD dumping on vaccine news. The players that enter on behalf of the longer-term thesis for Bitcoin are not changing their positioning.” commented cryptocurrency trader Cantering Clark.
When we look back on history, the price of BTC all rallied to a new high 14 to 16 months following the halving. If history rhymes, a bull run in mid-2021 is not surprising at all.
According to a macro analysis by crypto-asset trader Josh Rager, Bitcoin is expecting an uptrend. He wrote:
“Every time Bitcoin has closed above the previous monthly all-time high – a 700% to 1000% uptrend has followed. November could be the first monthly close that we see breaking the previous high and historically that’s been a very bullish sign for the crypto market.”
Compared with the last post-halving cycle, Bitcoin has definitely gained more recognition as a store of value or investment asset, thanks to the endorsement of large companies and billionaires. Public recognition and adoption are two of the great momentum for Bitcoin to appreciate. Bitcoin clearing $16,000 will put it in the spotlight again and spike mainstream interest, which could boost Bitcoin to $20,000.
How to earn profits from the upside?
Bitcoin price is expected to stay relatively calm before an explosive move is made. But the long-term outlook remains bullish. Traders can prepare for the price swings by watching key levels and set stop losses.
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