In the cryptocurrencycurrency world, anticipation grows as the Bitcoin halving event approaches in 2024. Steno Research analysts provide a thought-provoking perspective, offering a familiar narrative: “Buy the rumor, sell the news.”
Drawing parallels to the 2016 halving, they predict a boost in BTC value prior to the event, followed by a likely decrease during the first 90 days after the halving.
Steno Research investigates historical data, revealing fascinating insights. They show how Bitcoin’s price trajectory before and after the 2016 halving reflects possible possibilities for the future event.
Notably, Bitcoin’s price remained below its pre-halving level for the entire 90-day period following the halving, indicating an 8.4% reduction in value.
The examination goes beyond historical tendencies and investigates the current landscape. Miners stand to benefit significantly as Bitcoin daily mining payouts hit new heights amid increasing prices.
This glut, however, may increase sell-side pressure as miners attempt to pay operational costs, potentially leading to post-halving corrections.
Despite short-term volatility, the cryptocurrencycurrency community is full with confidence. Analysts such as Alex Wice predict a seismic repricing that would rocket Bitcoin’s price to new heights, fueled by a flood of FOMO (fear of missing out) purchasers.
Despite the speculation, a consensus emerges: the genuine bullish impetus of the halving may occur once initial market adjustments have settled. As “weak hands” go and the dust settles, Bitcoin’s value may recover.