The highly anticipated Bitcoin halving event, which took place last Saturday, did not lead to the expected increase in the price of Bitcoin. Contrary to predictions of a price increase due to a supply squeeze, BTC dropped over 7% last week, according to data.
However, Nansen.ai Chief Research Analyst Aurelie Barthere suggests that the recent price correction is a reflection of the broader macroeconomic environment rather than a sell-off triggered by the halving event:
“The correction we are witnessing is macro driven and is also seen in US technology stocks. “This is a combination of a repricing in US interest rates and the beginning of technology gains that are disappointing investors' expectations.”
Interestingly, Barthere highlighted that historically the 250-day period following each halving event has been the strongest period for Bitcoin returns. This 250-day period was evaluated compared to the 115-day period before the halving and the non-halving years. As a result, the analyst claims that there is hope for a bull in Bitcoin after the halving period.
BTC price is trading at $63,484 at the time of writing this article.
*This is not investment advice.
