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Bitcoin Could Rise To $11,500 By June 2019 A Year Before Its Halving Event

ยท 26 May 2019 in Breaking, Crypto News
Carlos is an international relations' analyst specializing in cryptocurrencies and blockchain technology. Since 2017, Carlos has written extensively for UseTheBitcoin and other leading cryptocurrency sites; with over 2,000 articles published.

Bitcoin (BTC) enthusiasts are trying to understand what is going to happen with Bitcoin and its price in the coming weeks. As the digital asset more than doubled in value in the last months, the question is whether it will be possible for Bitcoin to continue with the current price trend. There are some analysts that believe that Bitcoin is going to reach $10,500 the next month.

Bitcoin Could Keep Growing In June

Bitcoin has been growing and expanding in the market during the last few months. Specifically, the digital currency was able to grow over 100% in the last two months. However, Bitcoin fell from almost $8,400 to $6,400 and now it is being traded close to $8,000. This period of stability could last just a few more weeks since there are some analysts that expect Bitcoin to continue growing.

One of the Bitcoin predictions was made by Monfex, that analyzed the technical situation of Bitcoin’s price and in which he sees that Bitcoin is expected to keep growing during the coming months. This TradingView analyst shows that Bitcoin’s medium-term trend for Bitcoin remains upwards. Indeed, this expert considers that Bitcoin is expected to be traded between $10,500 and $11,500.

As mentioned before, in the short-term, the price of the most popular digital asset may remain stable. Moreover, technical indicators are also bullish. The 20-day exponential moving average is increasing and the BTC price is above the EMA (20).

It is worth mentioning that Bitcoin will be experiencing a halving as soon as in May 2020. This is clearly something very important for Bitcoin in the long term. This happens because the inflation rate of Bitcoin is going to be dropping to 1.8% next year. Bitcoin miners are going to receive a smaller reward for their work. At the moment, each miner that finds a block receives 12.5 BTC. After the halving, Bitcoin blocks are going to be rewarding users with 6.25 BTC.

This is very important because with a smaller issuance of Bitcoin per month, an increased interest in the digital asset, and more buyers, is expected to make Bitcoin’s price grow. Analysts such as PlanB expect Bitcoin to keep moving forward and reach new all-time highs close to $100,000.

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