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Bitcoin price started to weaken after the halving event and made a new low below $58,000. This triggered larger losses in altcoins, which have not yet returned to their peak points in the first quarter of the year. So, what is expected for Bitcoin and altcoins post-halving? What has the block reward halving brought in the past?
Comments on Bitcoin Post-Halving
Historically, BTC price reached all-time highs within 12-18 months after the halving event. However, in this cycle, BTC broke its all-time high at $73,777 even before the block reward halving occurred. This was possible due to excessive demand in the ETF channel and a relatively optimistic macroeconomic environment.
Analysts have been closely monitoring Bitcoin’s price for further correction signs, citing past cycles since the Bitcoin block reward halving on April 20. After the Bitcoin halving event in May 2020, the price rose from $9,383 to $58,958 by May 2021. About a month later, the price dropped by 40% to $35,484. During that period, Chinese bans acted as a trigger for sales.
Mati Greenspan, founder of Quantum Economics, is sure that something big is coming but remains cautious about the direction. He said:
“The exciting part is the breakouts, so analyzing the charts until a breakout happens would be quite pointless.”
Bitcoin (BTC) Prediction
The Bitcoin price that fell to $56,648 finally reversed the 6-week selling streak. The $65,433 level was critical for the turnaround. As the king cryptocurrency continues to close above this key region, we see investors becoming more hopeful for new peaks. If the current trend is maintained, closing above $66,500 could target the resistance area at $69,000.
Beyond that, the obstacles at $71,380 and $73,777 will be the next stops. The nearest psychological resistance level is at $80,000. The once utopian six-figure price target is now about to become a reality for Bitcoin. Of course, this will have significant implications for altcoins as well.
