For First Time Ever, Bitcoin Set to go Into 2020 Halving in Bearish Action
November 19, 2019 @ 11:15 UTC
As bitcoin prices slide even further this week analysts have been looking at the bigger picture which is growing increasingly bearish. Previous approaches to BTC halving have been bullish but the opposite appears to be developing this time around, at least according to one analyst. Bitcoin is in danger of falling back below $8,000 again as it takes another beating by the bears. A few hours ago prices broke down again in a plunge from $8,450 to wick down to $8,000 before the slight recovery.
The price bounced back a little to settle just below $8,200 but it marks a loss of over 4% since the weekend. The down trend is clearly intensifying as Chinese FOMO fades out. Analysts are largely bearish as most are eyeing further losses in another fall to support around $8k. There are still six months to go before the Bitcoin halving but this could be the first one that has a bearish run up. Industry analyst Willy Woo has looked at the longer time frame charts and noticed that historical halvings have always been bullish leading up to the event.
Someone else rightly noted that there has only been two other Bitcoin halvings so there isn’t a great deal of data to go on. Another point was made that this halving will be the first when BTC futures contracts are added to the mix which could intensify the bearish sentiment. Thirdly a massive global recession appears to be looming for 2020 which would also put pressure on the likelihood of a massive bull run. There may be no major bull run for a couple of years. The next few months could see a lot of chop for Bitcoin and those expecting a huge pre-halving pump may be disappointed if the above turns out to be accurate.