- The crypto community is highly anticipating the next halving in the bitcoin saga.
- This will be the third halving event in the currencies history and the community couldn’t be any more ready for it.
The crypto community is highly anticipating the next halving in the bitcoin saga. This will be the third halving event in the currencies history and the community couldn’t be any more ready for it. Like the previous halving events, there is a lot of talk in regards to the price movement for the flagship cryptocurrency. This discussion highlights how the currency will perform after, as well as how it will perform in the days running up to the event.
Speaking in a recent episode of the crypto conversation podcast, the technical analysis and crypto commentator, Rekt Capital, talked about whether this event will be the trigger that drives bitcoin past its all-time high of $20,000.
The conversation highlighted many topics but focused primarily on the halving. Previous halvings on pricing patterns were seen just before and after the events. This was a big talking point:
“When you think about Bitcoin rallying from the bottom of its market cycle to the peak of its market cycle, it’s rallied between 12000% to 13000%. When we take into account the past halvings and those are astronomical figures.”
On top of this, the analyst went on to add that there has been a running theme in the price corrections before the halving event for the leading cryptocurrency.
“So when we compare it to having one. Before having one, we saw a major correction of 47%, before having two, we saw a first major correction in that new bull market, 40% and now we’re seeing a major correction of 53% so it’s always a 40% plus correction that we tend to see.”
“We do tend to see a new yearly high before the having, and we see a new all-time high after the halving. This is something that has been repeating in Bitcoin’s price history and this sort of new all-time high might occur near the end of 2021 so it could take a year or a year and a half for Bitcoin to top out and see the peak of the bull market. So I’d say around 12 to 18 months after having is when we might see that new all-time high.”
In regards to the all-time high of $20,000 (which was hit in December 2017), Rekt Capital said, “The $20,000 mark is a very special price point. That’s going to be the psychological inflection points.”
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