According to a cryptocurrency trader known as “Crypto Rand,” a technical indicator suggests the bitcoin price is en route to achieving $6,000 in the near-term.
Throughout the past 30 days, the bitcoin price has recorded a significant surge in value from $3,975 to $5,311 by more than 33 percent in most major markets.
Some analysts have become cautious on the prospect of the cryptocurrency market due to the sideways price movement of bitcoin, expecting the dominant cryptocurrency to remain stable while alternative cryptocurrencies weaken.
What Can Push Bitcoin Upwards in the Near-Term?
While there are no clear fundamental catalysts for the bitcoin price and the rest of the cryptocurrency market in the weeks to come, there are some events on the horizon that historically led the bitcoin price to increase by a large margin.
In less than two weeks, it officially becomes a year before the next scheduled block reward halving for bitcoin in May 2020.
In a block reward halving, the rate in which new bitcoin is mined by miners on the blockchain network is reduced, leading to a decline in the potential circulating supply of bitcoin.