Can BTC Hit $9,000 Before Its May 2020 Halving?

The halving of BTC is a major topic in the Bitcoin news, especially after the most dominant coin rose to $7,800 but later retraced to $7,500 again. Currently, the price of BTC is facing stiff resistance at $7,580 with less than 17 days before the much-anticipated halving event. The big question is – can BTC hit $9,000 before its Halving in May?

The news show that the price of Bitcoin (BTC) has been stagnating between the $6,600 and $7,200 levels for a few weeks. Finally, it managed to break to the upside, meaning that a 10% push was established towards $7,750.

However, BTC is not the cryptocurrency with the most strength right now – altcoins are very impressive, too. For instance, Cardano (ADA) has jumped by 22% and Ethereum (ETH) by 16%. Over the past year (year-to-date), we can see that the Chainlink news are also bringing much attention to the LINK token, which managed to surge and double its price since the start of the year.

So, can BTC hit $9,000 before the halving which is scheduled in May this year?

From the previous analysis, we can see that the price of Bitcoin was stagnating between $6,800 and $7,300 for a few weeks. this made the price very indecisive on which direction it wanted to go. The clear answer was finally given by a crucial breakout above the $7,300 levels, as the charts show.

The squeeze also resulted in a push towards the next resistance level placed at $7,700 to $7,800 area, while the support is found between the $7,275 and $7,350 levels. As long as the price of Bitcoin remains above the support level, the question “can BTC hit higher levels” can definitely be answered with a positive note. The pressure and momentum are now warranted, especially in times when Bitcoin approaches its new halving.

The BTC chart from the CME Futures is providing data regarding the “gaps” which are essentially created during the weekend as the CME futures are not open on Saturdays and Sundays. The gaps are often used as an additional narrative for traders to trade on, which makes the upside on the market very interesting.

Now, there is a gap for BTC between $8,280 and $9,055 which is likely to occur at some point. This can give the dominant coin a lot of space to rise to new heights and eventually hit five-digit marks again.