- Bitazu Capital’s partner predicts that the price of Bitcoin (BTC) is about to pop, as buying pressure and demand increase before halving.
- “Bitcoin halving” searches strongly increase on Google an other search engines.
Bitazu Capital Partner Mohit Sorout said on his Twitter account that Bitcoin’s price is about to “pop”. The first cryptocurrency by market capitalization is showing signs of recovery after the March crash. At the time of publication, Bitcoin is trading at $6,912 and continues to move sideways (-0.41%) in the last 24 hours. The weekly chart, however, shows a 33.36% gain.
At first, Sorout’s publication caused confusion. The crypto community was unable to decipher Sorout’s graphics and message. Sorout later clarified that his prediction is based on the Bitcoin bulls being able to organically drive the price of BTC above $7,000.
$BTC pop time soon pic.twitter.com/ULazPLzjKR
— Mohit Sorout 馃搱 (@singhsoro) April 11, 2020
As can be seen in the second graph shared by Sorout, if the bulls manage to do the above, to push the BTC above $7,000, there will probably be a large number of purchase orders when BTC can reach $7,100. The buy orders will push the price to $7,500 or beyond, according to Sorout.
In addition, Sorout shared the publication of a member of the crypto community, RookieXBT. The user said that recent performance by Chainlink (LINK) and Tezos (XTZ) indicates that “BTC is about to screw some bears over”. LINK and XTZ are two of the cryptocurrencies with the highest gains in recent weeks, the former shows a good performance with gains of 69.30% in the monthly chart to achieve a price of $3.34. On the other hand, XTZ presents gains of 47.08% in the monthly chart and trades at $2.00, at the time of publication. The increase in the price of these cryptocurrencies, indicates that the buying demand continues to increase.
$LINK and $XTZ quite relentless right now, grinding up
Makes me think that $BTC about to screw some bears over #Bitcoin pic.twitter.com/xuZnzzvPYS
— RookieXBT 馃Р (@RookieXBT) April 11, 2020
Bitcoin halving positioned as a trend in Google
The increase in demand for BTC is something that has been raised by important figures in the crypto industry, such as Arthur Hayes, CEO of BitMEX. Hayes predicts an increase in BTC prices driven by the financial crisis caused by the COVID-19 pandemic. However, Bitcoin’s halving is the potential BTC price catalyst that is causing the most hype among investors. Historically, the event that will take place in May has been bullish for Bitcoin.
According to Google data, the terms “Bitcoin halving”, “Bitcoin halving price chart”, “Bitcoin halving prediction”, among others, occupy current global search trends. Among the countries with the largest search for the term are Switzerland, the Netherlands, Venezuela, Germany, Nigeria, South Africa, among others.
Among analysts, however, there is no consensus on whether halving will have a positive impact on BTC’s price. For now, there is an increase in the number of Bitcoin whales which, according to data analysis firm Glassnode, shows that investors remain confident that there will be an increase in BTC’s price.
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