Bitcoin halving is just 70 days ahead and a well-known host from InvestAnswers has made a bold prediction about Bitcoin and how it could skyrocket shortly. Bitcoin after a month’s break is back to its ETF record jump at $44K, analyst’s give the credit to pre-halving gains.
A Keen Eye on Factors Leading to Bitcoin Jump
The InvestAnswers host, who talks about investments to nearly half a million subscribers on YouTube, has voiced a bullish outlook on Bitcoin’s future trajectory. In a recent video update, he projected a potential surge of up to 190% for Bitcoin within the next six months. Various factors, including historical trends, supply dynamics, and ongoing market sentiments back his analysis.
According to the analyst, Bitcoin Halving is a major event for BTC pumps, slated for April, wherein miners’ rewards will be halved. This analysis is based on historical patterns and market behavior, particularly in the lead-up to previous halving events. Notably, Bitcoin has a history of turning former resistance levels into new support levels approximately before and after three months of halving.
He further observed a sheer imbalance between demand and supply. However, the demand for Bitcoin from spot ETF providers far exceeds the amount of BTC being newly mined. Even with conservative estimates, the demand outweighs the supply by a significant margin. This strong demand, coupled with limited supply, forms the basis of the analyst’s bullish sentiment towards Bitcoin.
Moreover, the analyst debunked concerns regarding the potential sell-off pressure from miners, since the demand from spot ETF providers would absorb any excess supply. This change will reflect confidence in the market’s ability to absorb newly mined Bitcoin without causing significant downward pressure on prices.
What’s In Store For BTC Price Ahead Of Halving Event
At the time of the analysis, Bitcoin was trading at $44,802, registering a 3.87% gain in the last 24 hours. The key takeaway from this analysis is that the cryptocurrency market tends to experience rejections before the halving event and then transitions to a more bullish sentiment after the halving. If history repeats itself, Bitcoin could hit a new ATH as it approaches the halving event. This rally would likely involve revisiting the black trend line resistance, which has occurred in previous cycles.
