Over the weekend, Venturefounder, known for its calm approach in the current environment, acknowledged Bitcoin‘s strong performance despite the absence of any purchases by spot Bitcoin exchange-traded funds (ETFs). Venturefounder explained that considering the lack of daily nine-figure spot Bitcoin ETF acquisitions, Bitcoin held up quite well.
What’s Happening Before the Halving?
Discussions about the halving event and its impact on prices are becoming increasingly vocal as the date, less than two months away, approaches. Some analysts believe that the recent price performance, especially during a period when institutional access emerged through US spot ETFs, necessitates a reevaluation of standard Bitcoin market cycles.
Analysts argue that the four-year cycle surrounding the halving event is being challenged by price changes at unusual times. Popular investor and analyst Credible Crypto touched on this topic in a recent interaction:
“Is this time really different? Or could it be the same as all previous times, but people think it’s different because they are mistakenly using it as the sole reference point for our halving cycles?”
Prominent Analysts Comment on the Halving
Credible Crypto linked to an earlier post where he envisioned a peak by the end of 2024, followed by what he called the first major secular Bitcoin bear market, and shared the following statement:
“In the coming months, I expect to continue upwards at a more aggressive pace while forming what will be a blow-off top to conclude this multi-year cycle.”
However, as other investors and analysts like Rekt Capital suggest, there is plenty of opportunity for gains, as seen in the pre-halving rally that started two months before the previous cycles, before the halving event in April. The renowned figure stated the following:
“Bitcoin has one last pre-halving retracement left. Historically, it tends to happen just a few weeks before the halving event.”
