Pre-halving Bitcoin growth analysis

The analysis charted above portrays a clear view of the necessary levels Bitcoin needs to break to successfully remain functional. Yes, that's the question in mind.

The alternating Red/Green lines are calculated Fibbonaci timezone to foster the time parameter ensuring the completion of market cycles. These are a convenient way to interpret the upcoming major moves. The bold black vertical line marks the date of halving. According to on-chain analysis and mining research, we believe that bitcoin should at least trade at $12,500 to sustain operation. There also a popular theory that miners already cashed out in the previous bull-run and can sustain operations for another year. This is valid but it does not deny the fact that in the long run, we have to hold these levels.

The moving averages selected bring in a very important number (as seen above) to determine possible resistance and support. The weekly looks rather bearish, yet bullish FA about legalization in India and South Korea could bring in new money to the table.

Only time will tell, Stay Mashed!

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