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The crypto community is buzzing with excitement as the highly anticipated Bitcoin Halving event is set to commence in just a few hours.
What Happened: Bitwise CIO Matt Hougan in his Friday interview with CNBC stated that Bitcoin (CRYPTO: BTC) is experiencing a demand shock from the launch of spot Bitcoin ETFs and a supply shock from the Halving. Both events occurring at the same time have created an exciting setup for the crypto industry.
Crypto trader Stockmoney Lizards recently highlighted Bitcoin’s pump off the horizontal support zone, indicating a local bottom. However, the ascending trendline continues to serve as a significant resistance point, suggesting that the correction phase is still in progress.
Renowned market analyst The Flow Horse shared a lighthearted tweet depicting a series of bounces and drops, indicating a volatile period ahead for investors.
He predicts a 20% drop after the first bounce, which will create panic selling, followed by a marginal bounce back as investors regain confidence. The Flow Horse expects this pattern of drops and bounces to repeat three to four times until emotional fatigue sets in, leading to a market slowdown until Labor Day.
Also Read: What Happens After The Bitcoin Halving?
Why It Matters: The Bitcoin Halving, which occurs approximately every four years, reduces the number of new bitcoins created and earned by miners by half. This event is often associated with price volatility in the cryptocurrency market.
Crypto trader PlanB estimates a 4x surge in Bitcoin’s price within the next 6 to 18 months following the Halving, as “the rest of the market rushes to get a piece of the pie.”
While experts forecast volatile price movements in Bitcoin after the Halving, investors are advised to approach the market with caution during this period, keeping in mind the potential for rapid changes in market conditions.
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: Bitcoin Halving Jitters: Why 10x Research Urges Caution
Image: Shutterstock
Posted In: $BTC
