It appears the ‘halvening’ rally has finally arrived, with Bitcoin’s (BTC) price jumping from $7,700 to as high as $9,500 in just one day. Although Bitcoin (BTC) has since then pulled back and dropped as low as $8,500, it appears conditions are favorable for this rally to continue, and it could turn into a truly historic rally.
First off, the block halving is expected to happen on May 12, which is still 12 days away as of this writing. It seems quite likely that speculation and fear of missing out (FOMO) will only increase in the days ahead, especially now that the Bitcoin (BTC) market has gone into bull mode.
Simultaneously, the rally this week proves that Bitcoin (BTC) can move upwards very fast under current market conditions. If a rally takes shape again Bitcoin (BTC) could easily blast past the $10,000 level in a short amount of time and perhaps even past the $20,000 level if Bitcoin (BTC) can put together a multi-week rally.
Further, the block halving itself on May 12 will not end the rally. On May 12 and onwards selling pressure from miners will be drastically reduced. At that point the fundamentals of the halving will start to take over, creating even more favorable conditions for a bull run.
Additionally, with the rally this week Bitcoin (BTC) is definitively proving itself to be more lucrative than any other asset class in the world. That could attract institutional and retail investors from across the globe, especially with the ongoing halving speculation.
Ultimately, it is quite possible that Bitcoin (BTC) will rally for pretty much the entire month of May. It could push to all-time highs due to the combination of halving speculation, reduction of selling pressure from miners, and Bitcoin (BTC) being the most lucrative asset class in the world which will attract investors worldwide.