Bitcoin and while the cryptocurrency market in general is going through a deep correction, investors are looking forward to the real bull rally expected after the halving.
While analysts have very different opinions on this issue, closely followed analyst Ali Martinez shared a new analysis by referring to historical data.
According to U Today, the analyst comparing the 2016 and 2020 halving cycles said, BTC’289 days after the halving event of 2016; He stated that after the halving in 2020, it consolidated for 87 days.
Based on this data, Martinez pointed out that Bitcoin has consolidated for 60 days so far.
Martinez’s analysis claims that, if history is any indication, Bitcoin could be poised for a significant rise in about 120 days.
Martinez concluded that if Bitcoin follows the trends of the previous two bullish cycles, BTC has 538 days to reach the next market top He claimed.
“After the last two halvings, Bitcoin consolidated for a long time (189 days in 2016 and 87 days in 2020) before the bull run started again.
So far BTC has consolidated for 60 days!”
Around the last two #halving events, #Bitcoin consolidated for an extended period — 189 days in 2016 and 87 days in 2020 — before the bull run resumed.
So far, $BTC has consolidated for 60 days! pic.twitter.com/qosvd2z4JN
— Ali (@ali_charts) April 30, 2024
*This is not investment advice.
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