Featured image from Bitcoin News, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
Hannah Phung, a lead analyst at on-chain analytics platform SpotOnChain, recently gave her opinion on the impact that Bitcoin Halving could have on the flaghsip crypto\u2019s price. This adds to the ongoing debate on whether or not the Halving event could cause Bitcoin\u2019s price to rise to $100,000.\u00a0 Bitcoin\u2019s Price Surge Might Not Come Immediately Phung mentioned during an interview with BeInCrypto that Bitcoin\u2019s price tends to increase around 6 to 12 months after the Halving and not immediately. This is evident from the past Halving events, as Bitcoin\u2019s significant price gains came about one year after the Halving had occurred. After the first Halving on November 28, 2021, Bitcoin saw a price increase of over 8,000% one year after the event. Related Reading: Crypto Analyst Predicts Shiba Inu Price Will Reach $0.0001 If This Happens Source: Milk Road Meanwhile, BTC saw a price increase of 284% and 559% one year after the second and third Halving events, which took place on July 9, 2016, and May 11, 2020, respectively. Phung further noted that Bitcoin\u2019s price gains come from the reduction in Bitcoin miners\u2019 supply, which helps increase scarcity and drive up its price, especially when demand is stable.\u00a0 In February, NewsBTC reported that Bitcoin\u2019s demand was far outpacing the miners\u2019 supply. This led to several crypto analysts making bullish predictions that Bitcoin\u2019s price could increase exponentially when miners\u2019 rewards are further cut in half later this month. One such analyst was MacronautBTC, who raised the possibility of Bitcoin rising to $237,000.\u00a0 This Bitcoin Halving Could Be Different Despite the crypto market being known to follow historical patterns, Phung emphasized that the market can also be unpredictable, opening the possibility of this Halving being different from past ones. Moreover, this cycle has already proven different, considering that for the first time, Bitcoin hit a new all-time high (ATH) before the Halving.\u00a0 Furthermore, the analyst acknowledged that the Bitcoin market is \u201cmuch larger and more established compared to earlier halvings.\u201d However, Phung still expects a price increase after the halving, although she admitted that the exact timing is uncertain, meaning it could be earlier or even later than usual.\u00a0 Crypto analyst Rekt Capital also echoed a similar sentiment about how things could be different this cycle when he shared his analysis of the five phases of the Bitcoin Halving. Specifically, he stated that the Re-accumulation phase \u201cmay not last very long before additional uptrend continuation\u201d since this is the first time the Re-accumulation range will be around a new ATH.\u00a0 Market Sentiment Could Determine Bitcoin\u2019s Price Post-Halving Phung also elaborated on how the market sentiment after the halving could provide insights into Bitcoin\u2019s future trajectory. She predicts that crypto investors will likely be bullish once the halving takes place, considering the significance of the event on Bitcoin\u2019s supply.\u00a0 Related Reading: The Era Of Flippenings: Can Dogecoin Take XRP\u2019s Spot? However, once the excitement about the halving wears off, several metrics, such as price charts, trading volume, social media discussions, and on-chain data like active addresses or exchange supply, will need to be analyzed to determine whether or not investors are still bullish.\u00a0 Meanwhile, Phung suggested that the price surge that occurs immediately after the Bitcoin halving may not be shortlived this time around since more institutional investors are now involved and have helped create a \u201cmore mature market.\u201d BTC price rises to $70,700 | Source: BTCUSD on Tradingview.com Featured image from Bitcoin News, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":602931,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,656,679,1119,89185,1122,1144,78790],"class_list":["post-602928","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-news","tag-bitcoin-price","tag-btc","tag-btc-news","tag-btc-price","tag-btcusd","tag-btcusdt"],"acf":[],"yoast_head":"\n
Will The Halving Send Bitcoin Price To $100,000? Analytics Platform Reveals What You Should Expect<\/title>\n \n \n \n \n \n \n \n \n \n \n \n \n \n\t \n\t \n\t \n \n \n \n \n \n\t \n\t \n\t \n