Weekend update on Bitcoin price action
[https://www.tradingview.com/chart/BTCUSD/W0sWbCEG-Bitcoin-Weekend-Review/](https://www.tradingview.com/chart/BTCUSD/W0sWbCEG-Bitcoin-Weekend-Review/)
https://preview.redd.it/t29g9bvo9hw31.png?width=1188&format=png&auto=webp&s=32eb73e72f9706a2f84750461b19a779d1cfde17
\* [Bitcoin ](https://www.tradingview.com/symbols/BTCUSD/)keeps steadily holding above $9,000 despite a slightly increased [bearish](https://www.tradingview.com/ideas/bearish/) activity, and it seems to have entered a prolonged consolidation phase on H1-H4 time-frame.
\* As we approach [Bitcoin ](https://www.tradingview.com/symbols/BTCUSD/)halving (due in May 2020), the prevailing price dynamic is obviously biased upward. Historically, [BTC ](https://www.tradingview.com/symbols/BTCUSD/)tends to speed up [bullish](https://www.tradingview.com/ideas/bullish/) momentum six months ahead of the next reward halving.
\* Hence, we expect [BTC ](https://www.tradingview.com/symbols/BTCUSD/)to return to the five-digit price region in November-December 2019. By conservative estimates, [BTC ](https://www.tradingview.com/symbols/BTCUSD/)may rise to $12,000 in the short- to mid-term.
\* Supported strongly from below, [BTC ](https://www.tradingview.com/symbols/BTCUSD/)could demonstrate a quick move up – above $9,400 – at any moment. If backed by the sufficient [Volume](https://www.tradingview.com/ideas/volume/) , this motion would also instantly trigger the new [bullish](https://www.tradingview.com/ideas/bullish/) rally – back to the five-digit price area.
**Active trade signal**
Buy @ $8,500 – $9,200.
Nearest target: $10,500.
Mid-term Target: $12,000.
**GOOD LUCK AND LOTS OF PROFITS !!**
*DisclaimerThis report is for information purposes only and should not be considered a solicitation to buy or sell any cryptocurrency or cryptocurrency product. Monfex accepts no responsibility for any consequences resulting from the use of this material. Any person acting on this trade idea does so entirely at their own risk.*