After hitting the recent all-time high of $73,750 on March 14th, Bitcoin (BTC) is now approaching its long-awaited next halving event for the next bull move. The event is scheduled on April 20th, which usually comes every four years and reduces the reward by 50% for adding new blocks of data by Bitcoin minors.
As the Bitcoin halving event approaches, many crypto analysts consider it a major driver for the next Bitcoin momentum. According to Mags, a pseudonym crypto analyst, BTC’s historical price performance after past halving events shows bullish momentum.
Mags references Bitcoin’s historical patterns for 2012 and said that the price experienced a remarkable 9500% increase within a year following the halving, while in 2016 and 2020, surges of 4100% and 690% were observed, respectively.
The current year presents a unique situation, according to Mags. In contrast to previous halvings, BTC has already reached an unprecedented all-time high (ATH) and is currently consolidating near that peak. This circumstance, coupled with one of the highest monthly closures ever recorded, suggests a strong underlying momentum.
While Mags acknowledges the possibility of short-term sideways movement or a minor correction, the overall outlook remains optimistic. “one thing is certain,” Mags emphasizes, “Bitcoin will likely trade much higher in the coming few months than its current level.”
Coinbase Observes Challenges Amid Bitcoin Halving Anticipation
Coinbase said that Bitcoin’s next halving might increase prices. However, it confronts a typical challenge: a weak period for cryptocurrency. Since 2011, BTC has seen modest monthly returns of just 2.7% from June to September.
“The BTC halving, currently due April 20 or 21, could be a catalyst for higher prices, but it will have to contend with what is typically a weak time of year for crypto markets and other risk assets,” said Coinbase
However, Coinbase remains optimistic about new investors entering the market, citing Bitcoin’s growing acceptance as “digital gold.” Moreover, BTC maintains its dominance, holding over 50% of the total crypto market capitalization.
According to TradingView, BTC is currently trading at $69,299, with a market capitalization of $1,362,484,451,615. BTC has been 0.55% up in the last 24 hours and 0.44% down in the last week. The 50 and 100 exponential moving averages (EMA) lie above the 200 EMA, suggesting further push for this cryptocurrency.
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