Yesterday, bitcoin has made a swift move to break another ATH market price. Bitcoin finally hits $15,000 in plain sight leaving altcoins in its usual RED spot.
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In the past week, bitcoin has made an impressive move from hitting $13,000 to $14,100 and now $15,000 amid market tension over the U.S. election result.
The U.S. election has had great effect on Bitcoin and cryptocurrencies in general in the past 3 weeks, This shows the important role the USD plays in the crypto industry. It is evident that China and the U.S. has a greater impact on cryptocurrencies than any other country or currency in the Digital world.
Major exchanges like Bitstamp and Binance.com first reported the movement to $14,650 in the early hours of the day, presently BTC/USD fluctuating at $14,967 and $15,100 with an +8.89%.
In 2017 bitcoin reached an uptrend of an all-time high of $20,000,there are reasons to believe that bitcoin might see a similar trend. Considering the post Halving Cycle effect. The 2017 ATH movement was believed to have been a result of the 2016 Halving.
Quick Facts: A Halving movement occurs approximately after every four years,this causes the rate at which Bitcoin is produced by miners to drop by Half thus the term Halving. The latest Halving occurred in May 2020, the slow production of bitcoin leads to a general decline in the availability of bitcoin to exchanges.
The current uptrend is expected due to the Halving in May 2020 and we expect more supply Bearish Movements to $20,000 and even $25,000.
Meanwhile bitcoin may test the $16,000 level again and possibly $20,000 before the end of the year. Currently bitcoin trades around $15,700 at press time.