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In less than two weeks, #Bitcoin will undergo a halving, and traders will likely either buy into the rumor or sell it.
Similar to the #halving that happened in 2016, selling pressure on Bitcoin might build up to four months after the next price drop.$BTC
Analysts anticipate a continuation of the asset price rise that followed the three prior Bitcoin halvings.
Since March 2024, the price of Bitcoin has been fluctuating between a band of $73,777 and $60,700.
Since reaching a year-to-date high of $73,777 on March 14, Bitcoin has remained inside a narrow range. Steno Research analysts predict a "buy the rumor, sell the news" situation as the market cap leader approaches its block reward reduction in less than two weeks.
The asset's price is not as drastically affected immediately after a halved, as was seen in earlier halvings. Steno Research predicts that Bitcoin's price will rise in the two weeks before the halving event, and that it may fall below its price during the halving event in the first 90 days after the halving.
In 2024, Bitcoin will undergo a halving event similar to the one in 2016.
Steno Research analysts have seen similarities in Bitcoin's price movement and its performance before the 2016 halving, suggesting that the next event would have comparable effects. Recent months have seen a meteoric rise in interest in Bitcoin (BTC), with many speculating that the block reward halving would lead to a "buy the rumor, sell the news" situation, similar to the demand in Bitcoin Spot ETFs and institutional capital investments.
Steno Research predicts that Bitcoin's price would likely fall for the most part of the first 90 days after the halving, however it may see an upswing in the weeks preceding up to the event.
Currently, the price of one Bitcoin can be found anywhere between $73,777 and $60,700. On Sunday, one bitcoin is worth $69,405 USD.
