Bitcoin continues to trade sideways at $69,000..."down in the short term"
As of 8 a.m. ET, the price of bitcoin was down 0.05% from 24 hours earlier to $69,205, according to cryptocurrency market tracker CoinMarketCap. At the same time, the leading altcoin, Ethereum, was trading at $3420, up 1.03% from the previous day, and Ripple was trading at $0.59, unchanged.
Halving is the halving of the number of bitcoins that are returned as a reward for mining bitcoins. It was designed by Satoshi Nakamoto, the creator of Bitcoin. This halving will be the fourth time that the Bitcoin block reward will be reduced from 6.25 to 3.125. After each halving, the price of Bitcoin has risen significantly.
Anthony Scaramucci, founder of Skybridge Capital, believes that "Bitcoin's price has not yet priced in the halving news," and predicts that "Bitcoin will go to 10 times its current value."
However, there are those who believe the price is likely to fall in the short term. "Bitcoin is currently in a reaccumulation phase and will soon face a pre-halving retracement," said Rect Capital crypto researcher, "With BTC's recent failure to break through $70,000 resistance, the near-term top of the reaccumulation phase is almost certain. We will now need to confirm a short-term bottom, but BTC has been drawing a post-halving parabola. This area is likely to be one of the last opportunities to buy BTC," he added.
The halving hype continues today. "In this halving cycle, BTC has been relatively stable, with no more than a 25% correction," said Lukas Kiely, Chief Investment Officer at digital asset investment platform IldApp. "This is due to the launch of BTC spot ETFs and continued accumulation by long-term holders. We expect a post-halving selloff, followed by a new all-time high."
