Even though long-term Bitcoin market expectations are quite unpredictable, its current rate growth could continue in upcoming weeks.
Bitcoin grew in more than 30% from its December lows and overcame the limit of $8000. Moreover, this may not be the end yet. According to analysts, it’s very likely to reach $9000 soon and test limits of $10,000.
Second half of last year caused bearish mood on markets, however, technical analysis of last 6 months indicates that the trend could reverse. According to Alex Benfield, Digital Assets Data analyst, the price could attack last year’s highs of almost $14,000 starting this May.
May 2020 is very important for Bitcoin progress as Bitcoin halving will take place. Its mining will slow down and that will lead to restriction of cryptocurrency supply growth. Yet, if a turnover is currently present on the market, the price over $14,000 during a few months is quite possible, Benfield adds.