4 days left before Bitcoin halving, price breaks through $9,800, hitting a 2-month high!

According to Bitpush data, there are only four days left before the third block reward halving of Bitcoin, the cryptocurrency with the largest market value. The price of Bitcoin suddenly rose to over US$9,800 on Thursday evening Beijing time.

Bitcoin has risen for seven consecutive weeks since the plunge in mid-March. Combined with the rise at the beginning of this week, its price has reached a two-month high, and it is very likely to rise for the eighth consecutive week.

From the perspective of technical indicators, the current RSI index shows that Bitcoin is already in an overbought state, and there is still a possibility of a correction in the next few days. However, due to the approaching block reward halving every four years, the trend of the crypto market in the next few days is more difficult to predict.

Danny Scott, CEO of British bitcoin and cryptocurrency exchange CoinCorner, advised investors not to "focus on short-term price movements." However, he said, "We saw a 21% increase in registrations in April, which has increased registrations by half this year."

Coincidentally, London Bitcoin exchange Luno claims that its user base will reach 4 million in the next few days, most of whom (75%) expect Bitcoin prices to be "higher" by the end of 2020. Less than 5% of Luno users said they plan to sell Bitcoin in the next six months, while more than 90% of users hope to hold or buy more cryptocurrencies during the same period.

Marcus Swanepoel, CEO of Luno, predicts that Bitcoin will reach its all-time highs "in the next 12 to 18 months." He noted, "I believe we are currently at the beginning of a long-term uptrend, and given the broader economic environment, volatility will increase, especially in the coming weeks. Nevertheless, since the halving is approaching, with patience, we will see similar growth to previous halvings, even if it takes longer than usual to wait."

Meanwhile, Bitcoin’s hash rate has climbed to an all-time high over the past week as miners try to extract as much Bitcoin as possible from the network before the halving. Market analyst Adam Vettese said: “The hash rate represents the computing power in the entire Bitcoin network, and it always rises or falls with the miners’ contribution to the network.”

Pascal Gauthier, CEO of Ledger, a bitcoin and crypto hardware wallet producer, said: “While we don’t know how the upcoming halving will affect the price of Bitcoin, we do know that investment is pouring into the institutional market and that more and more people are investing in Bitcoin. The cryptocurrency market continues to climb, and this trend is very similar to what we saw before the halving in 2016.”

Image source: pixabay

AuthorLiang Che

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