There is currently no end to speculation about Bitcoin. Where the bitcoin halving is nearing us and is likely to happen by the 20th of next month. Moreover, this month we saw Bitcoin cross its all-time high. However, many analysts are currently giving different opinions on the Bitcoin price. However, many analysts are currently predicting a significant rise in Bitcoin prices. The halving event as well as spot bitcoin ETF approvals point to a bullish bitcoin price. However, Bitcoin is currently down more than 15% from its peak price.
Charles Edwards, founder of the Acapriole Fund, posted on X about what yesterday. There he mentions that it is normal for there to be a lot of volatility in the months either side of the Bitcoin halving, March or May and June. But he also noted that the 12-month period following the event would be best. And with that he also mentions that all the unskilled miners associated with the bitcoin halving will be shut down - which could happen sometime between April 18th and 20th.
For the last few days we have been seeing the price of Bitcoin going down. As of today, Bitcoin is still slightly down and it was around $60775. Although currently the price of Bitcoin is trading above $61000. But if we review the timings of the past Bitcoin Halves, we can see that each Bitcoin Halve has had a major correction in the price of Bitcoin. At that time the price of Bitcoin was down a lot. Although the price of Bitcoin is currently down, this correction does not seem to be over yet. He also shared his views on this and expressed optimism for long-term price action.
Bitcoin halving occurs every four years and this period is very important for investors as there is very little supply during this period due to the fact that the price of Bitcoin increases as well as the fact that the unlocked pent-up Tradfi demand will start and the best risk for Bitcoin historically. -The award period will run 12 months. Even CryptoQuant's founder and CEO Ki Yong Joo expressed an opinion about this. He claimed that the Bitcoin market was being driven by spot Bitcoin exchange-traded fund (ETF) flows. He thinks that the bitcoin market is being driven by the spot bitcoin ETF and not by the halving event. When Bitcoin is halved it usually doubles the cost of mining and puts pressure on miners to keep the price fixed for mining profitability.
And he also noted that the cost per direct currency would increase by about $37K. And he points out that when the cost per coin increases to $63K this is no longer a problem for them. However, many are predicting that Bitcoin will have a major correction centered around the Bitcoin Halve, as this has been the case in the past. So it is not unusual for Bitcoin price to go down further during this correction. Many crypto experts also believe that the price of Bitcoin may go closer to $45,000.
But the important point here is that these markets are volatile. And all these markets sometimes fear of missing out works in the mind of investors. So during this time you must invest wisely or survive. Many times you'll find yourself in a situation where Bitcoin will bounce back deep enough to convince you that the bull market is over. And then it will resume its uptrend. But currently, Bitcoin's down is causing many investors to worry. BTC's downward price trend has already entered a "danger zone". Because past bitcoin halvings have indicated so. For example if we review the last bitcoin halving we can see that at that time the price of bitcoin was back roughly 50% in the months leading up to the halving. However, the situation was very different at that time because the world was affected by the pandemic corona virus.
Similarly, if we review the price of Bitcoin in 2016, we can see that there was a major correction in the price of Bitcoin during the Bitcoin Halving. During the Bitcoin correction, the price of Bitcoin fell by 33%. And that halved before turning a profit at the end of the year and into a bull market in 2017. where it topped out at $20,000. However, this year Bitcoin is close to a correction this month. It is believed that the price of Bitcoin may fall further this month. However, this Bitcoin half is uncharted territory. But this Bitcoin halving time is estimated that this time the price of Bitcoin may exceed 1 lakh dollars. That was well below BTC's relative highs earlier and lacked the significant institutional support provided by spot Bitcoin ETFs. Anyway, you can read this news to know more about it.
Posted Using InLeo Alpha