- Bitcoin has never rallied immediately after halving according to Simon Peters which calls for patience.
- Bitcoin price is trading at $9,731 after rejection from $10,000; a breakdown is in the offing.
Bitcoin halving as an event is now in the rearview. The event left many investors with deeply saddened eyes as they looked at Bitcoin price remained unbothered. To make matters worse, Bitcoin dumped massively pre-halving following a rejection above $10,000.
Bitcoin has recovered significantly since the pre-halving crash to $8,100. However, it is not to the magnitude expected by investors. According to Simon Peters, eToro’s analyst, halving as an event does not have the power to rally the price. On the other hand, its impact brought about by the reduced supply, gradually leads to a rally.
I believe the halving precipitates a long bull run in Bitcoin, one which may see highs of $100,000 – $120,000 within 18 months. Of course, there is always the possibility that it may drop, but this would be likely due to another black swan event such as a worsening of the Covid-19 pandemic, at which point other investable assets would be impacted as well.
For instance, after the first halving, Bitcoin took several weeks (approximately eight weeks) before beginning a bull-run. After the second halving, Bitcoin took even longer before starting the parabolic rally in 2017.
BTC/USD price update
At the time of writing, Bitcoin is trading at $9,731. The digital asset continues to deal with the resistance at $10,000. It is essential that this hurdle is broken in the short term, because the longer BTC/USD stays under the same zone, the stronger the bearish grip becomes. Lack of a breakout could call for a breakdown to $9,000 or even $8,400 in order to create fresh demand for the world’s most traded digital asset.
Also read: Dash Price Analysis: DASH/USD sets the pace for recovery even as Bitcoin stalls under $10,000
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