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Hannah Phung, a lead analyst at on-chain analytics platform SpotOnChain, lately gave her opinion on the impression that Bitcoin Halving may have on the flaghsip crypto’s worth. This provides to the continuing debate on whether or not or not the Halving occasion may trigger Bitcoin’s price to rise to $100,000. 

Bitcoin’s Price Surge Might Not Come Immediately

Phung talked about throughout an interview with BeInCrypto that Bitcoin’s worth tends to extend round 6 to 12 months after the Halving and never instantly. This is clear from the previous Halving occasions, as Bitcoin’s significant price gains took place one yr after the Halving had occurred. After the primary Halving on November 28, 2021, Bitcoin noticed a worth improve of over 8,000% one yr after the occasion.

Source: Milk Road

Meanwhile, BTC noticed a worth improve of 284% and 559% one yr after the second and third Halving occasions, which came about on July 9, 2016, and May 11, 2020, respectively. Phung additional famous that Bitcoin’s worth good points come from the discount in Bitcoin miners’ supply, which helps improve shortage and drive up its worth, particularly when demand is secure. 

In February, NewsBTC reported that Bitcoin’s demand was far outpacing the miners’ provide. This led to a number of crypto analysts making bullish predictions that Bitcoin’s worth may improve exponentially when miners’ rewards are additional lower in half later this month. One such analyst was MacronautBTC, who raised the potential for Bitcoin rising to $237,000. 

This Bitcoin Halving Could Be Different

Despite the crypto market being recognized to observe historical patterns, Phung emphasised that the market can be unpredictable, opening the potential for this Halving being totally different from previous ones. Moreover, this cycle has already confirmed totally different, contemplating that for the primary time, Bitcoin hit a new all-time high (ATH) earlier than the Halving. 

Furthermore, the analyst acknowledged that the Bitcoin market is “much larger and more established compared to earlier halvings.” However, Phung nonetheless expects a worth improve after the halving, though she admitted that the precise timing is unsure, that means it may very well be earlier and even later than typical. 

Crypto analyst Rekt Capital additionally echoed an identical sentiment about how issues may very well be totally different this cycle when he shared his analysis of the 5 phases of the Bitcoin Halving. Specifically, he acknowledged that the Re-accumulation section “may not last very long before additional uptrend continuation” since that is the primary time the Re-accumulation vary will likely be round a brand new ATH. 

Market Sentiment Could Determine Bitcoin’s Price Post-Halving

Phung additionally elaborated on how the market sentiment after the halving may present insights into Bitcoin’s future trajectory. She predicts that crypto investors will seemingly be bullish as soon as the halving takes place, contemplating the importance of the occasion on Bitcoin’s provide. 

However, as soon as the joy concerning the halving wears off, a number of metrics, similar to worth charts, buying and selling quantity, social media discussions, and on-chain knowledge like energetic addresses or exchange supply, will have to be analyzed to find out whether or not or not buyers are nonetheless bullish. 

Meanwhile, Phung recommended that the worth surge that happens instantly after the Bitcoin halving is probably not shortlived this time round since extra institutional investors at the moment are concerned and have helped create a “more mature market.”

BTC worth rises to $70,700 | Source: BTCUSD on Tradingview.com

Featured picture from Bitcoin News, chart from Tradingview.com

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