BTC’s price hasn’t surged in 83 days after Bitcoin halving
Since the notable Bitcoin halving occurrence 83 days ago, the cryptocurrency has yet to exhibit the expected surge that usually follows such events. This reduction in the generation of new coins and the rewards for miners happened on April 19th this year.
At that time, Bitcoin was trading at approximately $63,976, following its peak at $73,750 in March. This halving event was widely viewed as a potential catalyst for an increase in Bitcoin’s value across the market.
Around a month after, Bitcoin approached $71,000 before experiencing a decline. Now, 83 days post-halving, the cryptocurrency has seen significant price adjustments, shedding about 12.76% of its value.
While Bitcoin often faces a downturn post-halving, the current situation is particularly striking due to the lackluster price movement spanning nearly three months.
As of the latest reports, BTC’s value sits at $57,908. The eagerly awaited market rally might still be on the horizon.
Per CryptoQuant’s analysis, Bitcoin’s current Puell Multiple of 0.64 shows that the price correction phase is ongoing. Should the multiple drop to 0.40, it could signify a bottoming out of Bitcoin prices, potentially leading to a market rebound.
However, it might still take a month or more for Bitcoin to find its footing. Consequently, a bullish surge might delay until late Q3 or the beginning of Q4.
Despite the tepid performance since the halving, those holding Bitcoin for the long run remain optimistic about its future. This sentiment was captured through the LTH-NUPL metric.
According to Glassnode, the LTH-NUPL is currently in a positive terrain, showcasing confidence in Bitcoin’s long-term prospects. Should this sentiment persist, it could elevate demand and, consequently, Bitcoin’s price.
Nevertheless, a drop to levels of optimism or fear could dampen Bitcoin's momentum. From June 6th to July 7th, Bitcoin has experienced a dip of 21.46%.
Despite approaching a retest of $58,000, Bitcoin still remains beneath the 200 EMA.
Above the EMA indicates a bullish trend, while below points to bearish tendencies. However, Bitcoin was on the verge of shifting this trend.
With potential signs of growing upward momentum from the Awesome Oscillator (AO), Bitcoin may re-enter its bullish phase.
This could see Bitcoin revisiting its post-halving levels, possibly trading around $64,688.
In the event of a substantial bullish scenario, the price could escalate to $71,386, laying the groundwork for a rally aiming for $80,000.
Analysts have also been voicing their thoughts on Bitcoin’s market activities. One such viewpoint came from an analyst known by the pseudonym Rekt Capital, who stated, that Bitcoin is not ready to break the downtrend just yet.
