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Bitcoin Halving: Correction, Rally Or Market Top? Analyst Predicts 'We Go Up From Here'

Published 01/02/2024, 17:16
Updated 01/02/2024, 18:40
© Reuters. Bitcoin Halving: Correction, Rally Or Market Top? Analyst Predicts 'We Go Up From Here'
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Benzinga - by Khyathi Dalal, Benzinga Staff Writer.

The Bitcoin (CRYPTO: BTC) halving, scheduled for April 2024, has technical cryptocurrency analysts speculating about a bull run following the event.

What Happened: Crypto chart analyst Ali Martinez outlined four key points to be considered ahead of the highly-anticipated Bitcoin halving:

  • Post-halving corrections: the last two halvings were followed by corrections in the month after the halving.
  • Significant post-halving rallies: rallies followed all three halvings, 11,000%, 2,850% and 700%, respectively.
  • Bull market durations: bull markets lasted 365 days, 518 days, and 549 days, respectively.
  • The next market top: following these trends, Ali expects the next market top between April and October 2025.
In another tweet, Ali points out how whales are accumulating more Bitcoin, with 67 new entities now holding 1,000 or more Bitcoin. This marks a 4.5% increase in two weeks.

Another analyst agrees with the long-term bullish outlook:

Read Also: Bitcoin Halving Next Major Catalyst After Spot Bitcoin ETF Approvals, But History Shows BTC Could Dip To $34,000 By April

Why It Matters: A new Bitget survey of 10,000 cryptocurrency investors highlights that 84% of respondents foresee a new all-time high ($69,000) for the crypto king following the halving event.

Geographically, Eastern Europe respondents were marked as the least bullish segment of respondents, with only 75% expecting a chase beyond all-time highs.

Meanwhile, Western European consumers are the most optimistic about prices crossing the $100,000 mark, with a "short-term cautious, long-term optimistic" optimistic approach.

Around 70% of respondents express plans to increase crypto investments with higher proportions in the Middle East North Africa (MENA) and East Europe.

What's Next: Despite long-term tailwinds, analysts expect "temporary headwind" for the apex cryptocurrency in the short run.

Also Read: Arthur Hayes On Bitcoin: 'I Think We Break $40K,' Traders See 'Halving In 4 Months' For Next Price Upswing

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

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