Price Rise of the Bitcoin By 3% Has Neutralized the Bearish Trend

The Bitcoin dominance now commands nearly 67% in total in the cryptocurrency market.  Bitcoin Evangelist John McAfee previously predicted that the price of the Bitcoin might touch $1 million by the end of 2020.

However, currently, the Bitcoin for John McAfee is 93.1% behind in the track.  The price should have been at $120,606 per his prediction.

The Bitcoin has used 200 million kilowatts of electricity in a single day.  This means it amounts to 74 terawatts in a year. The power consumption equals the energy consumption of nearly 6.8 million US households.

Jason A. Williams recently tweeted: ” The model predicts a Bitcoin market value of $1trn after next halving in May 2020, which translates in a Bitcoin price of $55,000.” ~ PlanB Halving is in 206 days.”

After halving, the price of the Bitcoin will hit $55,000.

APompaliano tweeted:  This week in crypto:  “1. Bitcoin’s 18th millionth BTC mined; 2. The digital dollar becomes more likely; 3. Binance hits $1B in total profits; 4. Fidelity rolls out custody & trading; 5. Bermuda accepts USDC for taxes; 6. Libra adopts the initial charter; 7. Bitcoin still not dead :)”

The price rise of the Bitcoin by 3% has neutralized the bearish trend.  Before a bullish reversal is confirmed, the price bounce of the Bitcoin has shed some of its recent bearish pressure.  The Bitcoin touched $8,134 on Sunday, and it hit $8,200, representing a 3% gain on a 24-hour basis.

The BTC has not yet invalidated the fundamental bearish technical indicators like the lower high and lower level. The price currently trending at $8,200, and the trend change from bearish-to-bullish is nearly $600 away.

An inverse head-and-shoulders breakout was seen on the hourly chart.  There was a breakout, which was backed by an uptick in trading volumes.  Therefore, in the current scenario, it is not possible to rule out the rally to the bearish lower high at $8,820.

When considering the lower side, the bears should beat the $7,800 level.  There will be a slide down to $7,200 to $7,000, as indicated by the bearish weekly chart indicators.

It took nearly 3925 days to mine the 18 millionth coin.  There is only three million Bitcoin that is left to be extracted.  Several speculations are happening about what might arrive towards the path to mining the final Bitcoin.  The mining difficulty is increasing, and miners are putting in a lot of work with less reward.

Richard Newman

Richard is the Editor-in-chief of Bitcoin Journal. He has over 10 years of experience with the news industry mainly handling the editorial cycle.

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