- When the leading cryptocurrency struck out at $9k earlier in January, the cryptocurrency hasn’t been able to recover to such a high... at least not yet.
- Travis Kling, the chief investment officer is a big believer that the leading cryptocurrency is due for a phenomenal bull run sooner rather than later.
When the leading cryptocurrency struck out at $9k earlier in January, the cryptocurrency hasn’t been able to recover to such a high again... at least not yet.
Travis Kling, the chief investment officer is a big believer that the leading cryptocurrency is due for a phenomenal bull run sooner rather than later.
At the end of last week, the analyst took to Twitter to share his bullish technical setup of the flagship currency. His charts suggest one of the most perfect trendlines that most people will ever have seen. The support has been keeping the king coin up in the thousands since 2015. Earlier in 2020, it touched such support however, there was no sign that the coin was going to breach it.
5 years of trendlines perfecting coinciding with the most highly anticipated event in BTC history. Fireworks in store! pic.twitter.com/RWNcV0cWa3— Travis Kling (@Travis_Kling) January 23, 2020
Interestingly, the resistance and the diagonal support look like they will converge in May this year. This is when the bitcoin halving is set to happen when the block rewards will be cut in half from 12.5 BTC to 6.25 BTC. Such a halving is said to be a very bullish event with many investors and traders excited to see what the future holds after the halving.
The selling pressure is set to ease off as block rewards are split in half too. If bitcoin ends up trading at $8000, miners will probably dump about $7.2 million worth of the leading cryptocurrency rather than $14.4 million on a daily basis.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!