Will Bitcoin Halving Cause Price to Rally?
Bitcoin is halving today and could rally as a result, according to past pricing trends that we have seen for this token.
There has been plenty of dispute over whether halving helps Bitcoin shoot up or if other factors cause that to happen around the same time.
Bitcoin will be halving later today, and it was expected that the price would skyrocket as a result, but we have only seen Bitcoin struggle recently.
In past years, Bitcoin did rally around the time of its halvings, and many experts have attributed major price increases for BTC to the coin halving. When looking back at Bitcoin’s pricing trends, we see major value jumps in the year following halving, but it is a topic of debate whether halving contributed to that at all. If it does contribute to making the value dramatically increase, how much does halving factor in?
Bitcoin is currently up by 4.47% at the time of this writing, with a price point of $65,036 (BTC/USD). Its movement today is erratic, though, and it could go either way before the day is over. We still have approximately 11 hours until halving is expected to take place, and Bitcoin has been behaving unpredictably leading up to this event.
The price of BTC has been mostly down over the last week. Despite the jump today, Bitcoin is down 7.5% over the last seven days.
What Might Happen to Bitcoin after Halving
The expectation earlier this year was that Bitcoin would rally leading into halving and then soar even higher afterwards. We are seeing a price increase today, but hype has not been enough to keep Bitcoin high lately, and it looks like halving will have little positive effect on the coin.
Bitcoin is still having difficulty with the $70,000 level, and analysts agree that $72,000 is the resistance level for the coin right now. It is unlikely that halving will really change that.
Bitcoin is receiving higher than normal mainstream interest because of the halving, and that could translate to a price boost for the short term, but we do not expect to see major increases from right now. The best that investors can hope is that like in previous years, Bitcoin will rally sometime in the next year following the halving.
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