The discussion surrounding Bitcoin halving currently dominates the cryptocurrency scene. however, Chris Burniske, a former analyst at Ark Invest, offers a more complex perspective based on past Bitcoin trends. According to him, the relationship between Bitcoin’s halving and market cycles may not be as simple as it initially appears.
After a surge following Bitcoin’s halving, the ensuing period as depicted in the chart typically features ups and downs over several years. Initially, there is a surge, which is then followed by a cooling off phase. At present, we find ourselves in such a phase where growth has decelerated, making it an enticing moment for those with “lettuce hands” to sell. However, historical trends indicate that enduring this phase could potentially lead to more prosperous times ahead.
Examining Bitcoin‘s present price trend, there is resistance around the $67,000 figure, while its floor lies at $50,000. Should Bitcoin remain above this foundation and ascend, it may aim to challenge its earlier peaks close to $67,000. Overcoming this barrier could indicate the commencement of a fresh uptrend. However, if it succumbs beneath this threshold, there could be more declines prior to any substantial rebound.
Burniske’s warning comes at an apt moment with the market underperforming. Halving is typically seen as the starting signal for a race that could assess investor confidence. The present market low indicates a phase of accumulation, during which Bitcoin supporters might identify bargains while others view it as a standstill.
Bitcoins price surge following a halving event has proven to be a significant driver for investors. However, it’s essential to note that Bitcoin’s growth isn’t always immediate before or after the halving process. The current period of price stability could be a sign of things to come, but it remains to be seen whether this marks the beginning of another rise.
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2024-04-17 13:14