Bitcoin’s Price Movement Post-Halving: A Closer Look
Following the recent halving event, Bitcoin’s price has shown some interesting fluctuations that have caught the attention of investors and market speculators. Renowned analyst Rekt Capital has provided insights into the potential reasons behind the price fall and what it could mean for the future of the crypto market leader.
The Post-Halving “Danger Zone”
According to Rekt Capital, Bitcoin has now entered what he describes as the Post-Halving “Danger Zone,” a period historically marked by price corrections after the halving event. Looking back at 2016, Bitcoin experienced price retraces in the three weeks following the Halving event, with a price decline of 11% during that time.
- Rekt Capital suggests that Bitcoin’s current price fall over the last two days indicates that it is in the Post-Halving “Danger Zone” of the current bull cycle.
- If Bitcoin follows past price movements during this phase, it could potentially drop to $60,000, but this might happen within the next two weeks.
As of now, Bitcoin is trading around $62,672, with a 2.44% decline over the last day, highlighting its negative performance in the last month where it has lost 11.16% of its market value.
Insights on Bitcoin ETFs Flows
Data from SoSoValue reveals that the Bitcoin Spot ETF market saw net outflows amounting to $217 million on April 25, with Grayscale’s GBTC accounting for $138 million of this total, nearing $17 billion in total outflows. Notable points from the data:
- Fidelity’s FBTC and Valkyrie’s BRRR both recorded net outflows of $22 million and $20 million, respectively, for the first time.
- ARK Invest’s ARKB and Bitwise’s BITB also experienced a decline in investments during this period.
- All other Bitcoin Spot ETFs showed zero net flows, except Franklin Templeton’s EZBC with a $1.87 million net inflow.
- The BTC spot ETFs, with a combined value of $128 billion, have seen significant growth since their trading debut on January 11.
Potential Price Decline for BTC
Given the recent price movements, it’s essential to consider what might lie ahead for Bitcoin. Rekt Capital’s analysis suggests that a price decline could be on the horizon for BTC:
- The Post-Halving “Danger Zone” historically triggers price corrections after the halving event.
- If Bitcoin replicates its past movements, it could dip to $60,000 within the next two weeks, based on the current trend.
Monitoring Bitcoin’s price movements in the coming days will be crucial to understanding whether these predictions come to fruition or if a different trend emerges in the crypto market leader.
Hot Take: What’s Next for Bitcoin?
As the crypto market continues to navigate through the aftermath of the recent halving event, the coming days will be critical in determining Bitcoin’s future price movements. Stay tuned for updates and insights on how Bitcoin’s price trend unfolds in the wake of recent developments.
By
By
By
By