Bitcoin in Pre-Halving Rally, Could Hit $13,000 before May: Analyst

Those who are looking to exit their bitcoin positions may want to wait for four more months to extract better profits, according to a prominent crypto analysis company.Trading signals provider TradingShot.com said in a note that bitcoin could be worth $13,000 in or before May 2020. It cited the cryptocurrency’s historical price behavior ahead of its halving – a pre-programmed supply cut event that is taking place in the same month – as the core reason behind the potential price rally.Bitcoin 1W ChartTradingShot noted that bitcoin is eyeing a break out from a so-called “high volatility zone,” as shown via an orange rectangle in the chart above. Meanwhile, the move upward could take the price into a “pre-halving triangle zone,” the top of which coincides with the $13,000 level.Bitcoin before supply cuts | Source: TradingShot.comThe analyst further drew a Fibonacci retracement graph to show its 78.6 percent level as a strong pullback level. Weeks before the second halving took place, the bitcoin price had reversed upon testing the 78.6 percent line.TradingShot predicted a similar price action in the current scenario, wherein the price would retest the 78.6 percent level. Again, it coincides with $13,000.“Before each Halving (2nd and 3rd) each top has been on the 0.786 Fibonacci retracement level: in 2016 that was a few weeks before the Halving, while on the current cycle it was during the Apri-June aggressive expansion. On both phases, the 0.382 Fibonacci held as Support.”

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