6,800 then 8,000: Traders Lay Optimistic Bitcoin Predictions Ahead of Halving

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Bitcoin traders expect the cryptocurrency to hit $8,000 on halving sentiment. They also see the price falling to $6,800 first based on a technical fractal. Both levels have a higher volume profile since 2017, which makes the bullish case stronger. Bitcoin traders are increasing their bullish bets as the cryptocurrency prepares to slash its daily supply rate by half in a halving event this May. One popular trader operating under a pseudonym predicted the bitcoin price to hit $8,000, noting that it is trending inside a Symmetrical Triangle. The fractal shows that bitcoin would pullback after testing a local top (D) in the coming days to fall near $6,400 (E). It would then bounce back, this time to break out of the Triangle once for all, as shown in the chart below. BTCUSD trending inside a Symmetrical Triangle pattern | Source: Big Chonis Trading The prediction follows bitcoin’s incredible recovery…

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