Bitcoin is at a crossroads as ETF may delay its boost this month; what next in Bitcoin price is halving is the only hope for traders? Here’s the insight of CZ’s Bitcoin Halving chronicle: expect the unexpected!
Bitcoin has entered a phase of robust accumulation, sparking speculation of an impending bull run. However, this recent 63.3% surge may be misunderstood, giving a bull rally vibe. However, the stage is set for BTC’s ascent and the formation of new highs as it embarks on the ‘pre-halving’ period.
With an ascending trend throughout the year, BTC is enclosed within a symmetrical triangle, confirmed by recent rejections from recent highs. Historical trades suggest that prices may skyrocket after another 60-70 days of consolidation. The price has been consolidating from $25,000 to $31,000 for over 200 days.
The Bitcoin Halving Chronicle
Binance’s addition of a Bitcoin halving countdown highlights the event’s significance. CEO Changpeng Zhao, or “CZ,” shares wisdom from past halvings.
Rising Bitcoin Craze: Months leading up to a Bitcoin halving are marked by increased buzz, extensive news coverage, and heightened optimism in the crypto sphere. Expectations run high, viewing the halving as a watershed moment for the crypto future.
Post-Halving Reality can Differ: Unlike immediate surges, Bitcoin prices don’t typically double overnight post-halving. This can lead to questions and confusion, as the halving’s effects may take time.
Multiple ATH on Chart: Historically, the year following a Bitcoin halving witnesses multiple all-time highs. Surges post-halving may not be immediately linked to the event, highlighting short-term memory biases.
While correlations between halvings and price movements exist, they don’t imply causation. Past performance isn’t indicative of future results in the volatile crypto market.
Don’t Blindly Follow the Historical Trends, It May Ditch?
Previous trends must be considered when the following Bitcoin halving approaches and trades, and investors should avoid unduly optimistic or pessimistic expectations. Due to its volatility, several things affect the crypto market. The price retraced 24% in 2015 and 38% in 2019, 200 days before the halving. Therefore, a 30% drop may push the price to $20,000.
Parting Reflections
CZ’s analysis of Bitcoin’s halving event is all about Bitcoin’s fluctuating price history and psychological factors shaping the broader market sentiments. Anticipation or hype around a halving event creates volatility, with positive and negative sentiments dominating the space.
