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A crypto market analyst known for successful predictions has suggested that Bitcoin (BTC) is likely to rise further in the coming months due to an important upcoming development.
Bitcoin’s Halving Returns
The crypto analyst, known by the pseudonym The Flow Horse, told his followers on social media platforms that the Bitcoin halving scheduled for April could lead to a rapid increase in the value of the leading cryptocurrency, as it has in the past.
Every four years, Bitcoin undergoes a halving event where miners’ rewards are cut in half. Experts analyzing historical data have associated halvings with Bitcoin bull markets. The expert stated the following:
Most people in this market are obsessed with intraday activities and try to mimic their favorite investors using every small move the market offers, so here’s a little advice: We are on the verge of the most reliable and popular narrative this market has seen. It’s a small example, but it’s all we have. Whether you come in at $43,000 or $33,000, higher prices after the halving are more likely.
Headwinds for BTC
However, the analyst also warned of short-term volatility due to the large amount of Bitcoin supply being transferred to Coinbase, one of the leading crypto exchanges in the US, which could create potential headwinds for BTC’s price. The analyst stated:
It seems like there is someone on Coinbase again offering a reasonable amount of BTC. Up to this point, the pattern was to allow the price to rise towards the sell walls and this was repeated.
In conclusion, the crypto analyst The Flow Horse points out that Bitcoin could gain value due to the halving event in April and the subsequent large Bitcoin transfers to Coinbase, while also highlighting the potential risk of short-term volatility. At the time of writing, Bitcoin has seen a slight increase in the last 24 hours, trading at $43,462.
