Hannah Phung, Principal Analyst at On-Chain Analytics Platform SpotOnChain, recently gave his opinion on the impact that bitcoin Halving could have on the price of the flagship cryptocurrency. This adds to the ongoing debate over whether or not the Halving event could cause The price of bitcoin will rise to $100,000.
bitcoin Price Rising Might Not Happen Immediately
Phung mentioned during a bitcoin-halving-influences-price-investors-sentiment/?__cf_chl_rt_tk=5x4N1Qh_uLHxyijJT7f1wF2_haCHlw4TpMPSgGsBysU-1712910311-0.0.1.1-1706″ rel=”nofollow”>interview with BeInCrypto that the price of bitcoin tends to increase around 6 to 12 months after the bitcoin-bull-market-glassnode/” rel=”nofollow”>Reduce by half and not immediately. This is evident in the latest halving events, as bitcoin bitcoin-price-rise-above-57000/#:~:text=bitcoin%20isn’t%20showing%20signs,a%20bullish%20narrative%20for%20BTC.” rel=”nofollow”>significant price increases It came about a year after the halving occurred. After the first Halving on November 28, 2021, bitcoin saw a price increase of over 8,000% one year after the event.
<img decoding="async" class="alignnone size-medium wp-image-602930 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/04/Will-the-Halving-Send-Bitcoin-Price-to-100000-Analytics-Platform.png" alt="bitcoin” width=”460″ height=”199″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/04/Bitcoin_4fef0a.png?w=512 512w, https://technicalterrence.com/wp-content/uploads/2024/04/Will-the-Halving-Send-Bitcoin-Price-to-100000-Analytics-Platform.png 460w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
x.com/MilkRoadDaily/status/1755367298725031956?s=20" rel="nofollow">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's price gains come from the reduction in bitcoin Miner Supplywhich helps increase scarcity and drive up its price, especially when demand is stable.
In February, NewsBTC reported that demand for bitcoin was far outstripping supply from miners. This led several crypto analysts to make bullish predictions that the price of bitcoin could rise exponentially when miner rewards are halved later this month. One of those analysts was MacronautBTC, who raised the possibility of bitcoin rising to $237,000.
This bitcoin Halving Could Be Different
Although it is known that the cryptocurrency market continues bitcoin-top-historical-pattern-provide-hints/” rel=”nofollow”>historical patternsPhung emphasized that the market can also be unpredictable, which opens the possibility that this Halving will be different from previous ones. Furthermore, this cycle has already proven to be different, considering that for the first time bitcoin reached a bitcoin-breaks-through-69000-setting-new-record/” rel=”nofollow”>new all-time high (ATH) before the halving.
Furthermore, the analyst acknowledged that the bitcoin market is “much larger and more established compared to previous halvings.” However, Phung still expects a price increase after the halving, although he admitted that the exact timing is uncertain, meaning it could be earlier or even later than usual.
crypto Analyst Rekt Capital He also echoed a similar sentiment about how things could be different this cycle when he shared his x.com/rektcapital/status/1769656725341163692″ rel=”nofollow”>analysis of the five phases of bitcoin Halving. Specifically, he stated that the reaccumulation phase “may not last long before further uptrend continues,” as this is the first time the reaccumulation range will be around a new ATH.
Market sentiment could determine bitcoin price after halving
Phung also explained how market sentiment after the halving could provide insight into bitcoin's future trajectory. She predicts that bitcoin-holders-profit-46000-break-data/” rel=”nofollow”>crypto investors will likely be bullish once the halving occurs, considering the importance of the event on bitcoin supply.
However, once the halving hype dies down, various metrics such as price charts, trading volume, social media discussions, and on-chain data such as active addresses or exchange supplyThis will need to be analyzed to determine whether investors remain optimistic or not.
Meanwhile, Phung suggested that the price surge coming immediately after the bitcoin halving may not be short-lived this time, as more institutional investors They are now involved and have helped create a “more mature market.”
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btc price rises to $70,700 | Source: BTCUSD on Tradingview.com
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