Although the spot Bitcoin ETF approval news on Monday was later revealed to be fake, the expectation that BTC would rise increased among investors and the market.
While investors had bullish expectations, a positive report came from Morgan Stanley Wealth Management.
According to Coindesk, Morgan Stanley Wealth Management said the cryptocurrency winter may be over.
At this point, Morgan Stanley analysts pointed out that the halving event, which is expected to take place in 2024, is an important catalyst for BTC and stated that most of the rises and gains in Bitcoin came immediately after the halving.
At this point, analysts examining historical halving data expect a rise similar to other years immediately after the halving, which is expected to occur in 2024.
“Based on the current data we have, the signs are that the harsh cryptocurrency winter may be a thing of the past and the crypto spring is likely on the horizon.”
Analysts examining Bitcoin's historical data point out that BTC's bottom point in previous crypto winters occurred 12 to 14 months after the peak, saying, “BTC reached its all-time high of $ 68,000 in November 2021 and hit the bottom a year later.” said.
Morgan Stanley analyst Denny Galindo stated that the rise experienced by Bitcoin in 2023 is a sign that it has reached the bottom in the last months of 2022 and said:
“A 50 percent price increase from Bitcoin's low is generally a good sign that the bottom has been reached.
At this point, BTC is up 70% since the beginning of 2023 and 77% from last year's lows.
Most of the rises and gains in Bitcoin come right after the halving. This shows us that the bull run period started with the halving event and ended when the Bitcoin price reached the previous peak.
By deliberately limiting the supply of Bitcoin in this context, the scarcity caused by the halving could impact the BTC price, potentially encouraging the start of a bull run. “
Bitcoin, which rose above $ 30,000 after the fake ETF news on Monday, is at $ 28,340 at the time of writing.
*This is not investment advice.