Bitcoin and XRP, two of the well-known cryptocurrencies that many investors are watching have been predicted to do a halving on May 12. This speculation as created a stir on social media and other places as traders, investors and analysts watch for bullish and bearish trends.
One trader going by the name Joker believed that the time is soon coming when Bitcoin will enter a bearish and drop to $6,000. He said:
#BTC trading below major support with incoming bearish cross over between RED and BLUE in the coming days. #BTCUSD finds selling pressure at $7100 – $7200 with minor interest at $6000 – $6200 and $5300 – $5500.
Another trader by the name Escobear shared similar sentiments. He tweeted:
A bit of sideways chop cutting up over leveraged degenerate day traders before a grand move down.
Analyst Michael van de Poppe gave his input about why he often doubts the performance of BTC to rally much higher than it is currently trading at. He said:
$BTC #BITCOIN. Can’t get above $6,900-6,950 and that confirms my bearish bias, view stays the same. Looking how we’ll be reacting at $6,600 from here, but mainly the monthly level around $6,350. Breaking and flipping $6,900 would change it.
Yet he still showed some level of optimism for the future of the cryptocurrency. He added:
Five years ago 1 $BTC was worth $200. Now it is $6,800. And in five years from now it will be higher + playing a more significant role in our monetary system.
There definitely seems to be varying opinions about which way the market will go. The question is will the BTC go bearish, will it go bullish? Or will it continue the current trend and remain at a constant average of $6,500?
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