The upcoming Bicoin halvening remains a predominant narrative of the bulls who hope for enormous price gains. Leading cryptocurrency market analyst Willy Woo states that the Bitcoin price might not experience another massive price rally this time around.
NEVER gone into a halvening in BEARISH price action, miners already capitulating adding sell volume. Historically we front run with a BULLISH setup, miner capitulating only after halvening when revenues are slashed. This is a unique setup. Quite bearish leading up to the event. pic.twitter.com/20748Zv8aQ— Willy Woo (@woonomic) November 18, 2019
Woo points out that Bitcoin is eerily bearish ahead of the upcoming halving event that is expected to happen in May. The BTC price dropped from its yearly high of $14,000 to just $8,100. He further explains that this drop has pushed a lot of weaker miners to the sidelines.
With about six month left until the block reward will be reduced from 12.5 BTC to just 6.25 BTC, miners are already on the verge of a capitulation. As reported by U.Today, there is a 60 percent chance of another massive hash rate drop, which will be similar to the one that took place in December 2018 when the BTC price nose-dived to $3,100.
Normally, Bitcoin miner capitulation marks the local market bottom. However, here's the thing -- miners never left the network right before the halvening, which means that they would be willing to miss out on potentially big gains.
According to Woo, the fundamentals are different prior to Bicoin's third halvening. Hence, he doesn't expect it to repeat the fate of the two previous cycles.
Back in September, commodity trading vet Peter Brandt predicted that the BTC price would bottom at $5,500 in February before starting its next bull run to $50,000.