It’s been days since a bearish sentiment targeted the Bitcoin market. The crypto has been struggling to remain within the support level range for a while. A few days ago, the price took a sharp dive, dipping below the $9k mark.
Expectedly, this move sent a shock across the entire crypto market and affected numerous other coins. It’s a fact that Bitcoin’s price movements often affect the rest since it’s the most valuable and popular crypto with the largest market cap.
While the market has remained in a state of uncertainty for some days now, various analysts and investors have come out to table their takes on how they expect things to turn out. According to one crypto market pundit on Twitter going by the handle “Rantipolee,” the current market conditions seem to be preparing Bitcoin for a serious bullish move in the near future.
Halving To Impact The Desperate Market
For a while, many people have prospected that this could really be the big year for the crypto market, especially because the Bitcoin network is expected to undergo a block reward halving in May 2020. As historically proven, the crypto’s price tends to bump upwards about a year before the halving, and the momentum increases after the event.
Since Bitcoin battled the bears of the crypto winter and surged forward back in April, these expectations have increased. Some bulls have gone on record saying that Bitcoin could soon hit the highs of $100k and $200k.
Looking at the crypto’s market behavior over the last few weeks, it’s fair to note that it may have been consolidating around a point of strength and possibly readying for a future surge.
The current market uncertainty hasn’t quite impacted the bullish sentiment within the Bitcoin community and the entire crypto market in general.
Many still believe that something big is going to happen in the near future, possibly in the runner-up to the Bitcoin block reward halving.