BTC Halving Effect Not Yet Reflected in Price: Analyst Insights
CryptoNewsTerminal Staff27 May, 2024
BTC Halving Effect Not Yet Reflected in Price: Analyst Insights
The latest Bitcoin (BTC) halving event, which occurred in April, has yet to fully impact the price of the cryptocurrency, according to a crypto analyst. In a YouTube video, an anonymous trader known as Rekt Capital explained that historically, halving cycles - where the block reward for mining BTC is cut in half - have been preceded by significant upward price movements. Typically, parabolic rallies follow more than 150 days of sideways price action. However, this halving cycle saw BTC reach all-time highs in March, just before the event. Since then, the price has consolidated and traded sideways. This suggests that a period of reaccumulation or buying is underway. The analyst believes that the longer this consolidation lasts, the more significant the eventual upward move is likely to be. Ultimately, Rekt Capital predicts that BTC will set new all-time highs in the future.
