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Everyone watching Bitcoin is asking if its price will jump after the halving. This is when the reward for mining Bitcoin cuts in half, and usually, the price starts to climb after that happens. But what's going to happen this time, considering the bloodbath we are seeing on the market?
Looking at the Bitcoin chart we have, it seems the price has not been jumping as much as it did before other halvings. This makes some people worry about the rally's future. If Bitcoin does not start ascending more before it hits a price just a bit higher than its highest ever price, it could mean fundamental trouble for the cryptocurrency market.
Bitcoin has some good points now. It is staying above some Exponential Moving Averages on the chart that usually hint at bullish tendencies on the market. This could also mean the price might start ascending a bit later. But the rally, or when the price starts climbing before halving, is not showing the tendencies we witnessed in 2017 and 2021.
The price is not showing a lot of volatility. When there is not much volatility in the price climb before something big like a halving, it might mean people are not as excited to buy more Bitcoin as they should.
So what does all this mean? Even though halvings in the past have pushed the digital gold's value substantially, the signs right now are mixed. The price is hanging there, not going up much, and the correction that began a few weeks ago is clearly aggravating. With worries about the economy, people might be more careful with their funds.
Anyone who has Bitcoin or thinks about buying some should track the halving progress and evaluate their strategies based on it.
Alex Dovbnya
