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Bitcoin Wont Pump for 50-100 Days and Here is Why

by Sham
April 23, 2024
in Crypto, Opinion
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Bitcoin Wont Pump for 50-100 Days and Here is Why
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  • The bitcoin halving’s impact on market supply and demand dynamics may take over two months to materialize, according to analysts.
  • Analysts forecast a possible short squeeze in the altcoin and memecoin market in the short term.
  • The spot price of bitcoin has posted an 8% increase since the fourth halving was completed on April 19.

The bitcoin halving that occurred on April 19th may take 2-3 months to impact crypto markets, according to analysts. This article explores how the halving could affect bitcoin’s price and the broader crypto market in the months ahead.

JUST IN: #Bitcoin halving impact may take 50-100 days to influence prices, states QCP Capital

— BlockNews.com (@blocknewsdotcom) April 23, 2024

How the Halving Can Influence Bitcoin’s Price

The halving reduces the supply of new bitcoin introduced to the market. This could lead to appreciation in bitcoin’s price over time as demand outpaces supply.

However, the halving’s impact likely won’t be immediate. Previous halvings didn’t lead to significant price increases until 50-100 days after the event. If this pattern holds, bitcoin’s price may not rise substantially for a couple more months.

Factors Impacting Bitcoin Price

While the halving may boost bitcoin’s price long-term, other factors could impact its value in the short term. Geopolitical instability and potential outflows from bitcoin ETFs could limit near-term gains.

However, persistent inflows into spot bitcoin ETFs so far this year have supported bitcoin’s price. It remains to be seen whether these inflows will continue post-halving.

Potential Effects on the Altcoin Market

Some analysts predict a short-term altcoin rally, as altcoins and memecoins have faced negative funding rates lately. This could spur a near-term short squeeze.

However, top altcoins like dogecoin have fallen in the days after the halving. It’s uncertain if and when they may start to rise. The halving’s effects on altcoins likely depend on what happens with bitcoin’s price first.

Conclusion

The bitcoin halving could eventually lift crypto prices by constraining supply. But analysts caution its market impact may take months to materialize. Other factors like geopolitics and ETF demand could also sway bitcoin’s price in the interim. While difficult to predict, the halving likely influences crypto markets over the long-term, even if its effects aren’t immediately evident.

Tags: Bitcoinbitcoin etfsBitcoin HalvingcryptoMemecoins
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