As the next Bitcoin halving event approaches, the infamous volatility of the Bitcoin price is intensifying, making it increasingly difficult to predict what comes next.
According to the latest information, the Bitcoin halving event will take place on Saturday around 04:11 Turkey time (UTC+3).
CryptoQuant Research Manager Julio Moreno stated that the selling pressure from traders has actually decreased because these traders have realized all their profits. According to CryptoQuant’s measurements, the “realized price of short-term wallets” is almost equal to the BTC market price. This suggests that short-term traders are no longer collectively making significant profits that would motivate immediate selling.
Despite the latest pullback, which surprised the cryptocurrency community on Twitter, analysis firm IntoTheBlock once again underlined investor profitability by calling the situation “a normal situation” for Bitcoin. “At high levels, over 97% of Bitcoin wallets were in profit for an extended period of time,” said Vincent Maliepaard, the firm’s marketing director. He added that such a scenario is rare and unsustainable.
Glassnode’s chief analyst, James Check, stated in his statement today that there has been a cooling in the 30-day rapid indicator and that he believes this is necessary for a proper reset.
But not all analysts share this optimism. Analysts from banking giants JPMorgan and Goldman Sachs warned that Bitcoin could suffer losses after the halving. “We see a decline in Bitcoin price post-halving for several reasons,” a team of JPMorgan analysts led by Nikolaos Panigirtzoglou wrote in a recent report.
*This is not investment advice.
