Bitcoin (BTC): the rate can be clamped in the current range up to halving
The price dynamics of bitcoin has become bullish since the beginning of 2019 in anticipation of a halving, and the leading cryptocurrency in market capitalization only took a break for consolidation. The weekly resistance level of $ 11,500 is an important level to overcome, while the bears could not break below the mid-range of $ 9K. These 2 price levels can act as restrictions on a narrow trading range on a weekly price chart for the remainder of the year and can remain relevant until the bitcoin halving in May 2020.
In recent weeks, the Bitcoin exchange rate has not been able to break through to $ 13,800 after a three-month parabolic rally. After sharp leaps, the cryptocurrency entered the holding phase within a narrow range and consolidation. Over and over again, the market tried to choose a direction, however, there was a clear indecision, which clamped Bitcoin within the range between recent highs and lows.
Thus, investors and traders in the absence of other catalysts can expect halving until May 2020, while cryptocurrency will show a massive long-term sideways trend up to this point. Although there are proponents of the theory that Bitcoin could reach $ 55,000 by that time, yet the graph presented seems more plausible. In fact, during August, the peak season of the holiday season is all over the world, and it is likely that the current narrow price range is the calm before the storm. It is likely that in September-October, bitcoin and other cryptocurrencies will begin to decline, while closer to winter, the dynamics will begin to turn in the direction of growth, as it was in 2017.