Before I go into today’s article I would like to point out a mistake in yesterday’s article at the end of the equation I solved it said $650 was the price per Bitcoin after the first halving took place, while it was in fact the price after the second halving.

Before I go into today’s article I would like to point out a mistake in yesterday’s article at the end of the equation I solved it said $650 was the price per Bitcoin after the first halving took place, while it was in fact the price after the second halving.

The title of our article is a reference to the Bitcoin mining reward per block being cut in half from 12.5 to 6.25. This marked the third halving event since Bitcoin’s creation and it is designed to cut block rewards for miners 29 more times, with the next two estimated to occur around 2024 and 2028.

A little bit less than a week after we issued a buy signal for anyone not in the market already to go long at $9,300 Bitcoin futures on the CME plummeted over 15% and as of 3:00 PM EST is trading down $1,545 at $8,485.

Bitcoin is poised to reclaim $10,000 per unit as soon as the end of next week. This is what are studies have shown and we detailed our reasoning on yesterday’s article. Traders that haven not yet entered the market and are looking to get in from the long side current pricing for BTC futures on the CME’s most active contract (BTC K20) of May, sitting now at $9,335.

BTC futures have been consolidating for the last four trading sessions in the same area it had done so in the beginning of March, right before BTC plummeted $5,000 to the yearly lows only seven days later. The level we had resistance at before this year’s crash is the same level we have resistance currently as well.

This is a question I had hoped would be answered after both the S&P 500 (along with all other major indexes) and BTC futures began a deep correction at the end of February due to the growing covid-19 pandemic.

My readers or anyone who follows Bitcoin’s price action closely would know that last week and then again this week BTC broke out of formations that had defined price action for the first four months of 2020. But initiating a long or short position solely off of these formations is not recommended. That is why they must be used in conjunction with other indicators for them to be tradeable.