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Bitcoin’s (CRYPTO: BTC) historical post-halving dip could seen be over, according to a prominent trader, who expects a strong price rally soon.
What Happened: Crypto trader TheScalpingPro on Friday pointed out that Bitcoin's post-halving dips have historically presented opportunities for accumulation. According to the trader, Bitcoin often experiences a consolidation or dip after each halving event, which many investors misinterpret as a distribution or cycle top, leading them to sell early or remain on the sidelines.
Pointing to historical statistics of Bitcoin halving cycles, Mags stated "In 2012, you’d miss a +12,100% gain. In 2016, you’d miss a +4,000% gain. In 2020, you’d miss a +700% gain." He estimated if Bitcoin reaches $200,000 in 2024, those who sell could miss a +250% gain.
The latest Bitcoin halving took place on April 19, implying that the crypto markets are more than two months into the post-Halving cycle. In April 2024, crypto trader The Flow Horse forecasted a pattern of drops and bounces to repeat three to four times until emotional fatigue sets in, leading to a market slowdown until Labor Day. JPMorgan has predicted significant Bitcoin appreciation in the months following the halving.
Also Read: Why Bitcoin Will Rally Again In July
Why It Matters: IntoTheBlock data notes a 74.2% increase in Bitcoin's large transaction volume . Transactions greater than $100,000 from 7,614 transactions on June 26 to 7,790 transactions. Exchanges netflows increased by 704.6%, as did daily active addresses (13.8%).
Crypto trader Titan of Crypto noted in his latest tweet that the Bitcoin local bottom could be in, citing the Bitcoin Fear & Greed Index, which reached 30, a level last seen in September 2023.
Price Action: In the past 24 hours, BTC is up 0.6% to $61,490.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
Read Next: Top Trader Is Long Bitcoin, Ethereum, Short Litecoin, Cardano…And Thinks Shiba Inu’s Time Has Passed
Image: Shutterstock
Posted In: $BTC
