Bitcoin Could Rally 100% To $18,000 By Its 2020 Halving

The halving event is a big thing in the Bitcoin price news. If you have been following our news site, you probably read multiple posts and analyses on how Bitcoin could rally in the future. Today, we are sharing a new analysis which evaluates the psychological resistance to a price as low as $8,450 for Bitcoin and its recent drop of 15%.

To begin with, we can say that the most dominant coin almost erased its gains and only a few traders expect a more bearish price action now. Despite the fear floating around the crypto indstry at the moment due to last week’s severe correction, analysts think that Bitcoin could rally 100% to $18,000 before the halving event steps in.

Polar Hunt is the name of the analyst who is in the cryptonews now, talking about a lighting Bitcoin which is currently “holding up nicely” and will spark soon. As per his charts, the asset could surge to $18,000 which is a gain of over 100% from the current price of $8,550 by the time of the block reward reduction in May 2020 (known as the halving event).

While all of this may sound overly optimistic for you, the chart below shows eerie similarities in the market structures between the previous market cycle and the current one. The similarities, according to Polar Hunt, is why Bitcoin could rally in the future and why his bullish argument will sustain.

This is also holding up nicely and shows how this particular part of the marketcycle is "sideways" and therefor both hard to buy and hard to hold.

Im writing these posts to show you, but also to remind my self not sell any. I actually added to my stack this Friday. pic.twitter.com/VIG2a6OZ8q

— Polar Hunt (@polar_hunt) March 1, 2020

Polar Hunt is far from the only analyst to have suggested that Bitcoin could rally soon. The $18,000 price mark is getting more interesting for many analysts.

Two weeks ago, we had Mike Novogratz who is the CEO of Galaxy Digital and a former partner at Goldman Sachs. He argued that Bitcoin could rally to $20,000 “literally by the halving, which is in a couple of months.”

While he did not cite any catalysts for such a “frenzied” move in the interview, the investor previously cited central bank policy, the halving, and institutional involvement as crucial catalysts for the growth of Bitcoin in the future.

Financial Survivalism was the other analyst and trader who called the Bitcoin price action in January weeks in advance, suggesting that BTC will trade at or above $20,000 by July 1st. He also cited a confluence of technical factors to back up his point.