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No Bitcoin Windfall after Halving

Bitcoin (BTC) halving has come and gone, and there is little difference in the pricing trend before and after. Did this major event leave with a whimper?

That is what it looks like as we examine where Bitcoin has been moving over the past few weeks. We saw the BTC price drop below $70,000 on the 12th of this month, and it has stayed under there since then. The current BTC rate is $$65,948 (BTC/USD).

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Bitcoin dipped to a low of $60,193 on the 17th of this month, which is the lowest it has been since February. After that low point, the coin started to climb to its current rate, and it is up 0.79% for the day.

Where is Bitcoin going from this point? Past history would say that the coin will shoot up over the next year due in part to the halving event. This is what we have seen in the past, but Bitcoin has a really tough economy to deal with right now. With inflation high and rising further, the cryptocurrency market is looking like a riskier bet than normal for many investors.

Price Prediction for Bitcoin

After the uneven performance of Bitcoin leading up to the halving and its sparse movement since then, we must assume that $70,000 is its new resistance level and that the coin will have a difficult time getting past that point and staying there.

While we may see Bitcoin enjoy a bull trend off the back of its halving, there is no indication that is happening at the moment. The week is off to a mild start, and while Bitcoin could go either way right now, it is unlikely to shoot up quickly and stay high, just based on its recent trade volume and pricing patterns.

Bitcoin may move past $70,000 this week, but we do not expect to see it reach $80,000 for a while. Some economic improvement would likely have to happen first.

 

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ABOUT THE AUTHOR See More
Timothy St. John
Timothy St. John
Financial Writer - European & US Desks
Timothy St John is a seasoned financial analyst and writer, catering to the dynamic landscapes of the US and European markets. Boasting over a decade of extensive freelance writing experience, he has made significant contributions to reputable platforms such as Yahoo!Finance, business.com: Expert Business Advice, Tips, and Resources - Business.com, and numerous others. Timothy's expertise lies in in-depth research and comprehensive coverage of stock and cryptocurrency movements, coupled with a keen understanding of the economic factors influencing currency dynamics. Timothy majored in English at East Tennessee State University, and you can find him on LinkedIn.
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