Bitcoin investors are looking forward to the upcoming halving event with anticipation, believing it will contribute to the crypto market’s future expansion. However, it’s important to note that according to well-known cryptocurrency analyst and trader Benjamin Cowen, history suggests there might be a price correction following this event.
Bitcoin Halving Could Impact Price Negatively
According to Cowen’s analysis, the Bitcoin halving event may cause a notable drop in Bitcoin’s value. This finding implies that Bitcoin’s price might decrease in the near future.
Based on Cowen’s analysis, if Bitcoin maintains its current path after joining the spot ETF during the halving, there could be a potential trend for Bitcoin to decrease in value. Cowen cautions that such patterns rarely repeat exactly, but he emphasizes the importance of discussing this possibility.
A user with a pseudonym responded to Cowen’s post, pointing out that he seemed to have overlooked the need for an arrow backup. In reply, Cowen acknowledged the user’s observation but expressed his belief that the outcome of the upcoming phase would hinge on whether ALT/BTC pair prices had plummeted by then.
In addition, he believes there may be an upturn if their condition hasn’t deteriorated. On the other hand, if they have deteriorated, a shift to a new pattern could occur.
It is worth noting that the Bitcoin halving event is forecasted to take place within the next 11 days. Given Bitcoin’s halving previous significant impact on price, BTC could be positioned for a notable price surge in the coming days. However, if Cowen’s recent prediction manifests, it could paint a different picture for the crypto asset during the halving event.
The prediction made by the expert has caused quite a stir in the cryptocurrency world. Analysts such as Peter Brandt agree with his assessment, pointing out that past Bitcoin market uptrends have shown a comparable underlying pattern to what the expert is forecasting.
What To Expect During The Halving Event
As the halving event draws near, cryptocurrency data analyst firm Kaiko offers some insight into what we should anticipate. Kaiko’s analysis focuses on how Bitcoin’s price has been influenced by halving events in the past.
Based on the information from the source, historically, the short-term price impact of Bitcoin halvings has shown inconsistency. However, an analysis of past trends indicates that Bitcoin typically experiences a significant price increase, ranging from 9 to 12 months following a halving event. Consequently, this occurrence is generally viewed as a bullish sign for the cryptocurrency.
Currently, Bitcoins price has risen by 8% in the last week to reach $70,770. However, the total market capitalization of Bitcoin has decreased by more than 2%. In contrast, the trading volume has experienced a significant increase of over 8% within the past day.
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2024-04-09 19:16