Hannah Phung, Chief Analyst of On-chain Analytics Platform spot chainLately, she expressed her opinion on the impression that the Bitcoin halving could have on flaghsip cryptocurrency costs.This provides to the continued debate over whether or not the halving occasion will result in Bitcoin Worth Will Rise to $100,000.
Bitcoin’s value surge is probably not imminent
Feng talked about in an interview interview BeInCrypto believes that the worth of Bitcoin tends to extend after 6 to 12 months. halved However not instantly.That is evident from previous halving occasions, as Bitcoin Costs rise sharply This occurs a few 12 months after the halving befell. After the primary halving on November 28, 2021, the worth of Bitcoin elevated by greater than 8,000% a 12 months later.
Supply: Milk Street
On the similar time, one 12 months after the second and third halving occasions (which occurred on July 9, 2016, and Could 11, 2020 respectively), the worth of BTC elevated by 284% and 559%. Phung additional identified that Bitcoin’s value improve comes from Bitcoin miner providewhich helps improve shortage and drive up its value, particularly if demand is steady.
February, NewsBTC report The demand for Bitcoin far exceeds the availability from miners. This has led some cryptocurrency analysts to make optimistic predictions that Bitcoin’s value may rise exponentially when miner rewards are additional reduce in half later this month. One such analyst is MacronautBTC, who raised the opportunity of Bitcoin rising to $237,000.
Bitcoin halving is perhaps totally different this time
Though it’s recognized that the cryptocurrency market is intently following historic samplePhung emphasised that the market may also be unpredictable, which opens up the likelihood that this halving will likely be totally different from the previous. Moreover, this cycle has confirmed to be totally different, contemplating that Bitcoin peaked for the primary time. All-time excessive (ATH) earlier than the halving.
Moreover, the analyst acknowledged that the Bitcoin market is “bigger and extra mature in comparison with earlier halvings.” Nonetheless, Phung nonetheless expects costs to rise after the halving, though she admitted the precise timing is unsure, which means it might be earlier and even later than standard.
Cryptocurrency Analyst Rekt Capital He echoed comparable sentiments as he shared his view that issues could also be totally different this cycle analyze 5 phases of Bitcoin halving. Particularly, he mentioned the reaccumulation section “could not final very lengthy earlier than further uptrend continuation” as that is the primary time the reaccumulation vary has centered round a brand new excessive.
Market sentiment may decide Bitcoin value after halving
Phung additionally elaborated on how post-halving market sentiment can present insights into Bitcoin’s future trajectory.she predicts cryptocurrency buyers Given the significance of the halving occasion to Bitcoin provide, Bitcoin is more likely to be bullish as soon as the halving happens.
Nonetheless, as soon as the thrill of the halving subsides, some indicators resembling value charts, buying and selling volumes, social media discussions, and energetic addresses or trade provideevaluation is required to find out whether or not buyers are nonetheless bullish.
In the meantime, Phung mentioned the worth surge that occurred instantly after Bitcoin’s halving is probably not short-lived as extra company investor Now become involved and assist create a “extra mature market.”
BTC value rises to $70,700 | Supply: BTCUSD on Tradingview.com
Featured picture from Bitcoin Information, chart from Tradingview.com
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