Bitcoin price experienced a sharp spike on April 23, causing it to break above a key resistance level, where the January’s bull rally began. The sudden flash uptick saw the BTC price move from trading at $7,028 in the early Asian session to hit $7,750 in the late European trading session.
The positive break out appears as mixed fillings, both of a bull rally and a short term reversal gripped the crypto community with the halving event less than three weeks to happen. At the time of reporting, the market price had settled slightly above $7,530.
The upward trend both in the short term and long term is beginning to become evident, as the most technical and fundamental point of view supports it. If the instrument can continue with the uptrend up until a few days to the halving, a new all-time high will be imminent.
With speculative trading being the highest contributor to the asset’s bull rallies, there are no limitations to which the cryptocurrency can hit. Warren Buffett expert, Preston Pysh, thinks that Bitcoin price will reach $300K after the May 12 halving event.
However, the level of uncertainty due to the ongoing coronavirus may see the asset move in any direction considering the volatility has increased both in the crypto market and the traditional stock market.
A Refresh of Events Before the Bitcoin Price Breakout
Bitcoin has enjoyed a significant increase of institutional investors in the past few weeks, with the notable one being the Renaissance that allowed its flagship Medallion Fund to invest in CME Bitcoin futures.
A recent report also indicated that most Americans who are receiving the $1,200 stimulus checks are depositing directly into their bitcoin portfolio. With the sharp increase in hash rate indicating miners are rushing to accumulate more coins before the halving event, Bitcoin rise was imminent.
One thing unfolding to the market at large is that Bitcoin might have a larger percentage of a safe haven instrument, than the perceived traditional ones. A heated debate has been in the crypto space – if Bitcoin is a safe haven or if it was, has it lost its safe-haven narrative?
In an earlier market pattern, BTC price surged 10%, however, at the time of writing, the digital asset was up around 5.88%. Where the price goes next will depend on a whole lot of factors.