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Home»ADOPTION NEWS»Analysts say Bitcoin price action is consistent with pre-halving rally conditions.
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Analysts say Bitcoin price action is consistent with pre-halving rally conditions.

By Crypto FlexsFebruary 15, 20243 Mins Read
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Analysts say Bitcoin price action is consistent with pre-halving rally conditions.
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According to analysts, the price of has surpassed $52,000 in the last 24 hours, indicating that the market is entering conditions indicative of a pre-halving rally.

“Current market movements are consistent with the pre-halving rally, a trend observed in previous Bitcoin cycles,” Jag Kooner, head of derivatives at Bitfinex, said in an email to The Block.

Kooner added that historically, these rallies began about eight weeks before the halving event.

“This rally has the potential to push the price above previous cycle highs,” said an analyst at Bitfinex. “In particular, Bitcoin’s re-emergence as a $1 trillion asset last week was largely driven by inflows into physical Bitcoin ETFs.” He said.

Reduced GBTC-based selling pressure

Kooner added that reduced selling pressure associated with Grayscale’s converted GBTC fund and continued daily inflows (averaging $300 million to $400 million) into other ETFs have largely contributed to holding Bitcoin prices in place.

But analysts warned there could still be uncertainty.

“It is important to understand that while historical patterns can provide insight, they do not always guarantee repetition,” he said.

He emphasized that the altcoin market is becoming particularly interesting in the current environment.

“There have been gradual capital flows into altcoin markets, which is common when Bitcoin hits significant highs in the middle of a bull market. However, there have been capital flows this cycle due to many cryptocurrency projects,” Kooner said. “Instead of gradually spreading across all altcoin markets, we will invest in specific sectors such as the Solana ecosystem and AI-based projects,” he added.

Upcoming Bitcoin Halving Event

The next Bitcoin halving is likely to occur in April of this year, and this event will result in a 50% reduction in the rewards miners receive for validating and adding new blocks to the blockchain.

Halving occurs approximately every four years, or after 210,000 blocks have been mined. The last halving occurred in 2020, reducing the block reward from 12.5 Bitcoin to 6.25 Bitcoin.

The next halving will occur after approximately 840,000 blocks have been mined, which will further reduce the block reward from the current 6.25 BTC to 3.125 BTC per block. This mechanism is programmed into the Bitcoin protocol and is intended to control the supply of new Bitcoins, increasing the scarcity of Bitcoins over time.

According to The Block’s pricing page, the world’s largest cryptocurrency by market cap hit $52,056 at 1:19 PM ET, down more than 1% over the past 24 hours.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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