Two major events are taking place. One is COVID-19 which is already in full swing. The other is just a couple of days away, Bitcoin halving.
Since the COVID-19, Bitcoin has been faced with one of its longest bearish phases. Volatility has in the last few months been at ATH with its peak coming on March 12 when the digital asset dropped by 40% in a couple of hours.
Since then, Bitcoin has gone on to recover from this climbing on top of $7,500 on April 23.
As analysts continue to debate whether Bitcoin will rise to be a safe haven asset during the pandemic another major event is about to take place. The BTC halving is now just over 2 weeks away.
Bitcoin halving has brought its own kind of controversy as many in the crypto community debate whether the halving is priced into Bitcoinâ€™s current price.
Bitcoin Set Up Perfectly
For two of the most prominent analysts, they think that the two events have set up Bitcoin perfectly for a huge rally.
One of these analysts is NebraskanGooner who is predicting a price surge to $12K in the coming days following the break above $7,500.
The analyst noted in a Tweet that if the digital asset can break above the next major resistance of $8K, $12K will be in reach soon after.
This will be a great position for BTC to be trading going into the halving which as we mentioned is just days away.
It will usher in a prediction, a more extreme prediction might we say made by Warren Buffetâ€™s expert, Preston Pysh.
In an interview, Pysch noted;
I would tell you that I think the next orbit level is $80,000 to $100,000. Do I think itâ€™s just going to go to that number and stop? Hell no.
This $100K prediction has previously been made by others like Anthony Pomliano. He further stated that he expects Bitcoin to land around the $200K to $300K area.
Itâ€™s gonna go straight through that number, and itâ€™s probably gonna go to $200,000 or $300,000.
These predictions show that the market is bullish more so now that Bitcoin is setting a new bullish wave with higher high and lower lows.
This has been properly enforced since BTC regained March 12 gains to climb back above its exchange price at the time of writing this, $7,500.