In the world of bitcoin and cryptocurrencies, there’s growing excitement as the anticipated Bitcoin halving approaches in 2024. Steno Research analysts propose an intriguing take: “Buy before the announcement, sell after.”
Similar to what occurred prior to the 2016 Bitcoin halving, some analysts predict an increase in BTC value before the event, followed possibly by a decrease within the initial 90 days after the halving.
Bitcoin’s price has historically risen in the year following each prior halving. The current patterns mirror those seen during the second halving, suggesting that the upcoming halving could lead to a “buy before the news, sell after the news” market reaction. You can explore the rationale behind this observation for free in our detailed analysis.
— Steno Research (@stenodata) April 5, 2024
Steno Research explores historical information about Bitcoin, bringing to light fascinating discoveries. By looking at Bitcoin’s price patterns leading up to and following the 2016 halving, they provide insights suggesting what we might expect from the upcoming halving event.
After the halving event, Bitcoin’s price failed to surpass its previous level for the following 90 days. This could indicate a potential drop in value by approximately 8.4%.
An in-depth examination goes beyond just looking at past patterns, instead delving into present conditions. For instance, as Bitcoin mining rewards hit new highs due to escalating prices, miners are perfectly positioned to earn large profits.
Yet, an oversupply could lead miners to increase selling efforts to meet expenses, possibly causing price drops following the halving event.
In spite of temporary market fluctuations, there’s widespread positivity among crypto enthusiasts. Analyst Alex White sees a significant price surge ahead for Bitcoin, fueled by an influx of buyers fearing they might miss out on potential gains.
Despite the ongoing debate, there seems to be growing agreement that the real impact of Bitcoin’s halving on price may become clearer once market volatility subsides. As uncertainty clears and investors with weaker holdings sell off, conditions could become favorable for a significant increase in Bitcoin’s worth.
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2024-04-09 11:00