Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
NewsBTC 2022-06-16 22:45:14

Is The Bitcoin Halving The Key For A BTC Price Bottom?

Bitcoin is still holding above $20,000 despite a massive increase in selling pressure over the past few days. The cryptocurrency has experienced some of the worst capitulation events in its history and could be read for a fresh leg-down. Related Reading | Bitcoin Exchange Reserve Spikes Up, Selloff Not Over Yet? At the time of writing, BTC’s price trades at $20,700 with a 7% and 31% loss in the last 24 hours and 7-days respectively. Market participants seem to be expecting new highs, but a resume in bullish momentum could catch them off guard. A pseudonym trader believes that the key to finding BTC’s price next major bottom is the Bitcoin Halving, the event that cuts this network block rewards in half every 4 years. The analyst claims that during a drawdown, the cryptocurrency finds a bottom “780-889 days after its previous” halving. Currently, the Bitcoin network is at 766 days away from this event as it approaches a critical support zone. As seen below, when these two events coincide, BTC’s price can resume bullish momentum and reclaim previous highs. The analyst claims that the halving is part of a bullish thesis for Bitcoin as the cryptocurrency reduces its issuance, and there is less BTC available in the market. Conversely, BTC’s adoption levels trend to the upside. The analyst shared a chart from Blockware Solutions. As seen in the chart, BTC’s price seems directly correlated to the percentage of the population adop...

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.