Two of my favorite bitcoin analysts, Peter Brandt and Tuur Demeester, both agree that bitcoin is holding above a very important support level.
Back on November 22, Demeester posted the following on Twitter: “Bitcoin’s parabolic uptrend which started in January 2015 is still intact. Now nearly touching support again, for the first time since March 2019.”
Then on Wednesday, Demeester posted an update with another chart: “We’ve now twice tested the support level – what a thriller.” Here’s the accompanying chart…
Brandt agreed, tweeting, “Bitcoin $BTC has apparently held at important support.”
So the bullish trend that began back in 2015 is still technically intact. This is a good sign, especially with the bitcoin halving approaching early next year.
And media coverage is finally starting to heat up around the bitcoin halving. Just this week, Reuters reported on the halving in an in-depth piece titled “Heard of bitcoin’s ‘halving’? It’s set to shake crypto markets in 2020.”
Here’s an excerpt from the Reuters piece:
The event, expected in May 2020, slashes by half the number of new coins awarded to bitcoin miners who provide global supply of the cryptocurrency by solving complex maths puzzles.
That’s a big change in a market worth about $120 billion where bitcoin worth several billions [of] dollars are created every year.
Players in the know are preparing for the sharp price gains and volatility that have accompanied previous halvings, which happen roughly every four years and act to both ensure the scarcity of bitcoin and keep a cap on price inflation.
So… we have a bullish bitcoin trend that is staying above support, combined with a major fundamental catalyst early next year.
I’d say now is a fine time to buy some bitcoin, if you’re in the market.