BTC/USD: Bitcoin’s rally won’t happen overnight after halving - opinion
- Charlie Shrem believes that Bitcoin will start growing in 2021.
- BTC/USD bulls need to regain $9,000 again.
Crypto pioneer Charlie Shrem is sure that Bitcoin halving coupled with a massive QE around the globe will trigger a major bull run on the cryptocurrency markets. However, this will not happen overnight. Speaking at Virtual Blockchain Week, he explained that part of the trillions of dollars poured into the economy by the global central bank would find their way to the cryptocurrency industry.
However, he warns against betting on quick bullish outcomes right after halving as it may take months before the impact is felt. He also reminded that the famous rally of 2017 happened in a year after the halving.
Earlier the FXStreet reported that some experts expect a sharp correction after halving before the upside is resumed.
BTC/USD recovers from the recent losses
Meanwhile, at the time of writing, BTC/USD is changing hands at $8,800, down nearly 5% in the recent 24 hours. The first digital coin hit $9,476 on Thursday, April 30 before retreating below $9,000 amid sharp downside correction. Currently, BTC/USD is moving within the short-term bullish trend, however, a sustainable move above $9,000 is needed for the upside to gain traction.
Author
Tanya Abrosimova
Independent Analyst
