What it takes for Bitcoin to grow now

Positive market news led to a 10% rise in bitcoin in 3 days. Analysts told what is needed in such conditions to maintain growth dynamics

Bitcoin has gained a tenth of its value over the past few days. On July 20, investors got nervous about reducing 1 BTC to almost $ 29,000. However, Bitcoin quickly added 3.7 thousand dollars and began to cost about 33 thousand dollars. The catalyst news was the purchase of currency by SpaceX. It is worth keeping in mind the new opportunities for Bitcoin, implemented the other day on Twitter.

The phase of the bullish growth of bitcoin and the entire cryptos is still active according to experts. Studies of past growth periods show this fact. Analysts concluded that the bear market starts 2-3 years before the Bitcoin halving.

What is halving?

Halving is a planned decrease in reward for a mined block. The rule tightens Bitcoin mining every four years and after every 210 units mined. Once upon a time, one successful action brought 50 bitcoins, then miners began to earn 25 bitcoins, and so on. The last time the procedure was activated was on May 11, 2020. Until May 2024, miners will receive 6.25 bitcoins.

An important level

The cheapening of bitcoin attracted new investors, according to market experts. New purchases led to a value recovery with the passage of 3 resistance levels during 1 cycle. Today, bitcoin is already consistently worth over 32 thousand dollars. The next resistance level is $ 500 above. If bitcoin gains a foothold there, then experts see the rapid passage of another resistance level. This is already 33.5 thousand dollars for 1 BTC.

Otherwise, Bitcoin will drop to the previous support level at $ 31.5 thousand. The next figure is $ 1,000 lower.

What about Medium-Term Outlook?

Experts estimate the cost of bitcoin in the medium term at about 34,000 thousand dollars. If this indicator is overcome, then BTC will jump to the psychological mark of $ 40,000 very soon.

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