The most significant confirmation that Bitcoin is about to begin a new bull run could arrive as soon as tonight\u2019s daily and weekly close.<\/p>\n
2020 is gearing up to be the year of Bitcoin.<\/p>\n
All eyes were on the cryptocurrency to start out the year. BTCUSD rose from December 2019 lows around $6,500 to as high as $10,500 in a matter of weeks.<\/p>\n
The ascent was fueled by pre-halving hype<\/a> – a now-past event that reduced the block reward miners receive for powering the network.<\/p>\n The 12.5 BTC reward was slashed to just 6.25 BTC, but required the same amount of energy to validate each block. It\u2019s only the reward that shrinks.<\/p>\n When the cost of production far outweighs the profit generated in BTC, miners capitulate<\/a> and turn off their energy-hungry machines.<\/p>\n Related Reading | An Explosive BTC Price Movement May Not Arrive, Concerning Data Shows<\/a><\/strong><\/em><\/p>\n Due to this, the longer-term impact the May 2020 halving could have on miners and their profit margins is significant and not fully understood.<\/p>\n But before the highly anticipated day could arrive, the early 2020 rally was cut short due to the pandemic and resulting market selloff.<\/p>\n Bitcoin price collapsed, however, the remaining halving hype brought prices back to $10,000 quickly. Investors expected it to spark the next bull market.<\/p>\n Now the event has passed, the cryptocurrency has been trading sideways<\/a> waiting for an important signal to trigger.<\/p>\n That day very well could be today, if Bitcoin price closes tonight\u2019s daily and weekly candle above $9,230.<\/p>\n A #Bitcoin<\/a> Hash Ribbon "buy" signal is \ud835\uddf3\ud835\uddfc\ud835\uddff\ud835\uddfa\ud835\uddf6\ud835\uddfb\ud835\uddf4 today.<\/p>\n If price closes this daily above ~9230, it will be confirmed.<\/p>\n — Charles Edwards (@caprioleio) July 12, 2020<\/a><\/p><\/blockquote>\n\n