Full Moon: Will Bitcoin Break Out During Today’s Celestial Event?
Bitcoin2020/05/07 18:00 by Tony Spilotro
Bitcoin’s halving is less than one week away. The crypto asset is trading at the top of a multi-year chart formation. And tonight is the Full Flower Moon.
Is the stage set for a major halving-fueled Bitcoin breakout during tonight’s full moon?
Stars Align For Major Cryptocurrency Breakout
Bitcoin price is currently trading at over $9,300. The key level has acted as resistance throughout 2019 and 2020.
However, the cryptocurrency may finally have all the necessary ingredients for a break out soon.
The asset’s digitally-coded block reward reduction occurs on May 12.
This cuts the amount of Bitcoin released into circulation with each new block added to the blockchain, by 50%.
Related Reading | One Week Away: Comparing Past Pre-Halving Bitcoin Price Action
Miners will begin to receive just 6.25 BTC instead of 12.5 BTC, but the cost of production remains the same.
Much of the recent price action has been driven by crypto investors speculating that the halving would come with a dramatic influence over the asset’s valuation.
But the recent rally is also due to cryptocurrencies consolidating for two years of bear market, and are primed for a break out soon.
There’s also potentially a celestial reason for Bitcoin‘s bullishness, and it could result in a breakout tonight.
Will Tonight’s Full Flower Moon Cause Bitcoin to Spring to New Highs?
Tonight is a full moon. But this isn’t just any normal full moon, this is the Full Flower Moon.
According to Farmer’s Almanac, this moon got its name due to May bringing about new blossoms of life after a cold, hard, winter thaw.
Bitcoin and other altcoin assets are also coming out of a long crypto winter and hoping to see some green during the Spring months ahead.
Could this Full Flower Moon be the start?
Full moons are said to have a powerful influence over human emotion and behavior. It’s led to tons of lore, such as werewolves and other mysterious occurrences.
Related Reading | Mercury in Retrograde: Can Astrology Predict Bitcoin Price Cycles?
With Bitcoin and crypto being such speculative assets, the chance that moon cycles influence price charts is not far fetched.
In fact, full moons appear before most major Bitcoin impulses. In the chart above, the following major impulses have been accompanied by a full moon:
The September 2019 crash following the Bakkt launch.”
The October 2019 “China pump.”
The November 209 collapse to $6,000.
The December 2020 bottom.
January 2020’s initial rally.
The February 2020 push above $10,000 and subsequent top
Black Thursday in March 2020.
Zooming out further, full moons all market major moves in Bitcoin price charts, over the last several years.
It’s not just moon cycles, other astrological events are said to have an impact on financial markets. Some theories, such as the legendary W.D. Gann used key dates, lunar cycles, and more to predict tops and bottoms with uncanny success.
Will tonight’s Full Flower Moon cause Bitcoin to moon also?
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