It has been two weeks since the Bitcoin halving was completed. The event that many expect will have a significant positive impact on the price of Bitcoin. But it seems that the price is not as expected. Many analysts have begun to speculate that the price of Bitcoin may face sharp fluctuations. There is a correction in the short term.
Likewise, analysts from Bitfinex, one of the leading cryptocurrency exchanges, revealed in the Bitfinex Alpha report that Bitcoin may see a prolonged correction of more than two months after the halving.
The report stated that this year, the macroeconomic environment is more resilient than in previous years and the chance of the Fed cutting interest rates remains low. In addition to consumers and businesses there is still better preparation and study of knowledge compared to previous courses.
The report adds that in the next month or two, we may see Bitcoin prices fluctuate up and down around $10,000 and in the coming months. The effects of reduced supply will begin to become more apparent. The analysis considers that at this time, the economic situation should be better. The latter was able to miraculously avoid the recession crisis. This means that the economy is likely to recover soon. The same applies to the crypto market.
Many cryptocurrency traders share the same point of view. About the balance Bitcoin prices are consolidating after reaching record levels last month
Michael van de Poppe, founder of trading firm MNTrading, said the Bitcoin dominance index may have peaked after traders turned their attention to altcoins.
However, Bitfinex is confident that Bitcoin will recover in the near future and is not worried about investors turning their attention to altcoins, considering this a good sign for the overall market, as investors want to take more risks to make profits from non-Bitcoin coins.
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