Hannah Phung, Principal Analyst, On-Chain Analytics Platform spot on chain, recently gave her opinion on the impact the Bitcoin halving could have on the price of the flagship crypto. This adds to the debate about whether half-life events are causative. Bitcoin price rises to $100,000.
Bitcoin price spike may not happen soon
Mr. Pun mentioned it in a lecture. interview According to BeInCrypto, it has been found that the price of Bitcoin tends to rise approximately 6-12 months after the price of Bitcoin rises. halved And not right away. This is evident from Bitcoin's past halving events. significant price increase This happened about a year after the half-life occurred. After the first halving on November 28, 2021, Bitcoin price rose over 8,000% one year after the event.
Source: Milk Road
Meanwhile, BTC has increased in price by 284% and 559% one year after the second and third halving events, which occurred on July 9, 2016 and May 11, 2020, respectively. Mr. Hung further pointed out that the rise in the price of Bitcoin is caused by the fall in the price of Bitcoin. Bitcoin miner supplyThis increases scarcity and drives up prices, especially when demand is steady.
February, NewsBTC report This means that the demand for Bitcoin far exceeded the supply of miners. As a result, several crypto analysts have made bullish predictions that Bitcoin's price could rise exponentially if miner rewards are further cut in half later this month. One such analyst is his MacronautBTC, who raised the possibility of Bitcoin rising to his $237,000.
Bitcoin halving this time may be different
Despite the fact that it is known that the virtual currency market will continue historical pattern, Hung emphasized that the market can be unpredictable and this halving may be different from past halvings. Moreover, this cycle has already proven to be different, considering that Bitcoin hit all-time highs for the first time. Updated all-time high (ATH)) before half-life.
Additionally, the analyst acknowledged that the Bitcoin market is “much larger and more established than in previous halvings.” However, Hung still expects prices to rise after the halving, although he acknowledged that the exact timing is uncertain and could come sooner or later than usual.
Crypto Analyst Rekt Capital He also reiterated similar sentiments about how things could be different this cycle when he shared his opinion. analysis Of the five stages of Bitcoin halving. Specifically, he said that since this is the first time the reaccumulation range is near the new ATH, the reaccumulation phase “may not last much longer before further uptrends continue.”
Market sentiment could determine Bitcoin price after halving
Hung also elaborated on how post-halving market sentiment can provide insight into Bitcoin's future trajectory.she predicts virtual currency investor Given the importance of the event regarding Bitcoin supply, a halving is likely to be bullish.
However, once the excitement for the halving dies down, several metrics such as price charts, trading volumes, social media discussions, active addresses and on-chain data will be lost. exchange supplymust be analyzed to determine whether investors are still bullish.
Meanwhile, Hung suggested that the price surge that occurs immediately after Bitcoin's halving may not last long this time. Institutional investor Currently participating, we are contributing to the creation of a “more mature market.”
BTC price rises to $70,700 | Source: BTCUSD on Tradingview.com
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