Since its year-to-date top of $73,777 on March 14, bitcoin has been range bound. Less than two weeks remain until the block reward on the largest asset by market capitalization is halved, and Steno Research analysts believe a “buy the rumor, sell the news” situation is possible. Previous halvings have shown that the asset's price is not as affected immediately after the halving. Within the next two weeks, Steno Research analysts predict that the price of Bitcoin will rise in anticipation of the halving event. Within the first ninety days after the halving, the price of BTC may fall below its peak.
Steno Research analysts have drawn comparisons between the price trend of bitcoin and its performance prior to the 2016 halving, suggesting that comparable results may be anticipated from the impending event. Given the focus on the inflows into Bitcoin Spot ETFs as well as the institutional capital investment, it is anticipated that the block reward halving may turn into a case of “buy the rumor, sell the news.” BTC has seen a sharp increase in interest in recent months.
According to the halving countdown, the event might happen on April 20
The price of Bitcoin may rise in the weeks before the event, while Steno Research's predictions indicate that it will probably fall for the majority of the first ninety days after the halving.
The halving is seen as a bullish impetus for the price of bitcoin. Analysts typically anticipate a decrease in miners' selling pressure right after the halving, which might raise the asset's price.
Are Analysts bullish enough?
Analysts predict that the asset's price will rise as “weak hands,” or certain traders and investors in exchange-traded funds (ETFs) who purchased Bitcoin in order to profit quickly, leave the market.
As of this writing, the price of Bitcoin is stuck in a range between $73,777 and $60,700. On Sunday, the price of bitcoin is $69,405 at exchange.