Bitcoin (BTC / USD) Bullish after Halving? - Correction or not? - Why?
Let's see what Bitcoin has done in the previous correction, to know what can happen to the price of Bitcoin after Halving.
Sometimes to see the next movement of Bitcoin you have to see what it has done in the past.
The past correction can give us some clues.
If we look at history, in the price correction of a few months ago, as a result of the pandemic, the price has decreased from almost $ 10,000 to $ 4,000.
But the key is that this time the price has not remained at low prices, we see that when I touch the $ 4,000 dollars the price of Bitcoin rebounded, the same day, up to $ 5,900 dollars, the candle that day has ended at $ 5,000 Dollars
In the following weeks the price has risen and has not corrected
Why?
Price of mining in red and Halving
Let's analyze the correction candles looking at the costs of mining Bitcoin
The cost of electricity must be adjusted to an average. We have from $ 0.33 per kWs from Germany to $ 0.08 from China. We will take the value of China's electricity as it concentrates resources and low prices. (At higher values more negative to mine Bitcoin, try to put higher values on the page)
Because correction up to $ 4000 dollars
As we see in the graph, the costs of mining Bitcoin at $ 4,000 become negative, the exchange knows it and the tether money they have issued has been used to accumulate more Bitcoin.
As we can see the $ 5900 dollars is a pass price for the balance of mining bitcoin and has served as the base price for all the correction
Why isn't there a negative candle in 8 weeks of uptrend?
Let's look at the chart with a Bitcoin price of $ 10,000 after halving.
Source: https://www.poolin.com/
With a few days left until halving, the price has to go to an equilibrium value in Bitcoin mining.
What is the new base price for mining after Halving?
If $ 5000 is a near-zero return value for miners, after Halving it would be $ 10,000 since the reward is cut in half.
Mining capitulation will occur because mining equipment will become obsolete and will have to be replaced or left the market. But the limit values we have already seen.
There may be a fix, but it is not profitable to mine Bticoin at negative costs for long.
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The alcoins market is very dependent on the price of Bitcoin, when Bitcoins goes up the alcoins go up more, but also in the other sense, so I suggest that you periodically review a Bitcoin and use stop loss and move it when they are already in profit. Do not let a profit become a loss.
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