Bitcoin (BTC) price continues to grow week in and week out, as another 9% has been added to its value since last Sunday.
However, with the block reward halving being just over two weeks away, and mining difficulty set to increase another 5% in little over a week, is the bull market now upon us? Or will the halving be another non-event much like other hyped up narratives like Bakkt, institutional money entering, or the VanEck Bitcoin ETF?
Today, I want to look at a couple of different scenarios that I am watching for in the week ahead.
Daily crypto market performance. Source: Coin360.com
The top of the channel
BTC USD daily chart. Source: TradingView
Taking a look back at last Sunday’s analysis, I shared two possible outcomes I was looking at. The inevitable path to zero versus the slow bullish grind to $10K.
As can be seen from the daily chart above, Bitcoin is following the green path and is currently sitting at the top of the ascending channel. As such, it’s reasonable to expect that should the slow and steady upward path continue, we are due for a small pullback to one of the two price levels.
The channel’s moving average is around $7,300. Or, should this fail, the support of this channel sits around $6,600. Holding either of these levels will still firmly plant $8,000 as