A Bitcoin analyst shared his analysis on behalf of the current sentiment of the Bitcoin market by taking the pre-Bitcoin halving event as a main focus.
The current trade price of Bitcoin (BTC) is $42,831 & this trade price is 21.5% high over the last 3 months of trade price.
#Bitcoin halving, only 69 days pic.twitter.com/J1vCwYyxmK
— Bitcoinik (@Bitcoinikdotcom) February 6, 2024
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Popular crypto analyst Rekt Capital shared a yearly price chart graph of Bitcoin and said that if Bitcoin follows its past Bitcoin halving pattern then surely Bitcoin trade price will start to show a significant pump in the trade price somewhere within the next week. In short, the next 10 days will be very important to notice for short-term & day traders.
However, this is true that pre-halving rally & pre-halving retrace are very important factors for short-term Bitcoin investors but otherwise long-term investors are waiting for only pre-halving retrace because the trade price of Bitcoin will pump constantly with parabolic patterns in the next 12 months.
In Dec 2023, a Bitcoin price prediction chart shared by MatrixPort showed that Bitcoin will hit $125,000 in early 2025, following the Bitcoin halving event in April 2024.
ARK Invest CEO On Bitcoin
Recently ARK investment firm CEO Cathie Wood shared her thoughts on Bitcoin amid the surging inflow of money in the Bitcoin market via Bitcoin spot ETF products, approved 25 days ago by the United States Securities and Exchange Commission (SEC).
According to Cathie, Bitcoin is now replacing Gold and now Bitcoin is the best store of value because Bitcoin spot ETF products are giving a better ease to institutional investors to invest money in Bitcoin.
Furthermore, she also talked about the recent Bitcoin trade price corrections. She said that it was already expected because the hype around Bitcoin because of Bitcoin spot ETF development was very high & in that phase, people purchased Bitcoin in high amounts & for the short term only.
Read also: Hong Kong orders all the unregistered crypto firms to end business if…
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