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The whole crypto world has marked an important date in the calendar this year. The day around the Bitcoin Halving event where the block reward is halved. Many believe that this event will cause the price to skyrocket. But what does it look like before?
Bitcoin Halving – what about the price before?
Although many believe that bitcoin prices could go up to halving, two crypto-analysts believe that the opposite will happen.
One of them is Rekt Capital’s dealer and technical analyst. He believes that BTC tends to correct before the halving event before halving the block rewards.
There are still 78 days until the event, which is already eagerly awaited. According to Rekt Capital, bitcoin fell 50 percent about 100 days before the first halving event and 38 percent in the second.
“There is always a return before halving (shake-out). This leading setback has been a bear trap for many investors in the past.
Wouldn’t it make more sense for bitcoin to drop before the halving rather than after?
After the halving, miners produce less BTC. It would be best to sell BTC before halving, finance operations for 12+ months, rather than gambling BTC price will skyrocket to breakeven price.
– Joseph Young (@iamjosephyoung) February 23, 2020
Many investors sell their Bitcoin to book their profits, while others sell for fear of a strong downward trend and are shaken out of their investments, so to speak. Either way, both types of investors are missing out on future exponential upward trends. ”
Rekt Capital’s fellow researcher, Joseph Young, shares this view of the shake-out prior to halving. He thinks the miners who earn BTC for powering the network if they sell Bitcoin ahead of this event.
The price predictions for the time after halving also provide different numbers.
Well-known analyst Peter Brandt says that Bitcoin is beginning a long-term parabolic trend that could push BTC’s price to $ 100,000. Tone Vays is a bit more conservative and sees a rally up to around 45,000 US dollars.
CoinShares chief strategy officer, Meltem Demirors, believes that institutionalizing BTC could even prevent a parabolic rally after halving.
Image source: Pixabay / TeroVesalainen
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