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Vandana Malik
Mar 31, 2020
by Vandana Malik

Bitcoin Oversold Already Ahead of its Halving

Bitcoin oversold
On Friday, Kristalina Georgieva, the head of IMF, made an announcement regarding the global financial recession. In the announcement, she has mentioned about the price of the major cryptocurrency that is bitcoin. According to her, Bitcoin is able to maintain its position and has not gone down since the past many days. It has somehow managed to trade around $6,000. After this announcement, several crypto traders and analysts have been sharing their opinion regarding the price of bitcoin. It has been seen that bitcoin oversold already even before the halving which is a month later.

Bitcoin might reach $7,000 mark soon

Different analysts and traders have been giving their opinions regarding bitcoin being oversold and its price. One of the crypto analysts named Michael van de Poppe, @CryptoMichNL said that bitcoin might break the $6,600 mark. The price of bitcoin might reach a price of somewhere around $7,000 very soon.

Rejected here at the CME gap close at $6,600, as this one is fully filled now.

Also acting in resistances here.

Looks to me as some consolidation today, but flipping $6,600 would be a bullish sign for further momentum to $7k+.

Rejecting here -> $5,200. pic.twitter.com/aUGuMS9Y8V

Although he has also said that in the case of bitcoin receives another rejection then it might go as down as $5,200.

Another person related to the crypto market has said that bitcoin might be hit hard by the crypto sellers very soon.

Bitcoin has never been this oversold right before halving

One of the crypto traders named, Carl Eric Martin has tweeted about the recent update in bitcoin. He tweeted that bitcoin has never been oversold like this right before the halving as there are only 45 days left for the next bitcoin halving.

@CryptoWendyO, another person involved in the crypto market has said that bitcoin might reach the mark of $7,800 very soon.

Different analysis and charts that are coming after the market crash are showing that bitcoin is able to recover rapidly. Through some reports, it is quite clear that the price of bitcoin might go higher again. Meanwhile, some are still doubtful that it might go down again.

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    Bitcoin Oversold Already Ahead of its Halving
    Vandana Malik
    Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.

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