Bitcoin Halving Countdown: 64 Days! With the support of Bitcoin spot ETF funds, can this bull market break historical highs again? Bitfinex analysts point out that the focus will now shift to the altcoin market.
(Previous Summary: Bitcoin Halving Countdown: 100 Days! Reviewing the historical halvings, will BTC rise?)
(Background Supplement: CZ on Bitcoin Halving: Past experience tells me that “one year after halving,” BTC will hit multiple historical highs)
Table of Contents
Analyst: Historical halving market reappears
Altcoins are about to explode
Review of past halving markets
With the continuous inflow of funds into Bitcoin spot ETFs, which has boosted the price of Bitcoin, the price has been oscillating around $51,500 to $52,000 since breaking through $52,000 on the 15th. Worth noting is that another potential catalyst, the fourth halving expected to occur in mid-April this year, is also approaching.
According to the latest data from Bitcoin Block Half, as of the deadline, there are only about 64 days left until the Bitcoin halving. At that time, the Bitcoin reward per block will decrease from the current 6.25 coins to 3.125 coins.
Bitcoin Halving Countdown | Source: Bitcoin Block Half
Regarding the recent strong market trend, Jag Kooner, the derivatives product manager at Bitfinex, stated in an interview with the media that the current market dynamics of Bitcoin are similar to the rebounds before previous halvings, indicating a repeat of historical trends.
Kooner explained that based on historical data, this type of market trend usually begins about eight weeks before the halving event. This market rebound not only has the potential to drive Bitcoin prices beyond previous cycle highs but also marks Bitcoin’s return as a trillion-dollar asset, mainly attributed to the influx of funds from the Bitcoin spot ETF.
On the other hand, Kooner further pointed out that it is common for funds to flow into the altcoin market after Bitcoin reaches a significant high in a bull market, indicating that investors seek other cryptocurrencies with greater potential for investment after Bitcoin peaks.
The analyst added that considering the abundance of different projects in the current cryptocurrency market, their strategy is to primarily invest in specific areas with potential. For example, they are particularly interested in blockchain ecosystems like Solana and AI-based cryptocurrency projects, rather than diversifying investments across all altcoins.
Bitcoin halving is considered to be a background for the bull market narrative due to the expected increase in scarcity, which is believed to contribute to the rise in price. However, according to statistics, previous halvings did not immediately trigger a surge in Bitcoin prices and took several months to a year and a half to ferment:
First Halving: 2012, about 12 months after the peak (November 2013), the price surged by 8450%
Second Halving: 2016, about 17 months after the peak (December 2017), the price surged by 290%
Third Halving: 2019, about 18 months after the peak (November 2021), the price surged by 560%
Past Halving Markets | Source: X
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