While Bitcoin continues to decline after the halving on April 20, investors are wondering when the bottom will come and when the rise will begin.
At this point, Bitfinex analysts shared their new predictions for the BTC price.
Stating that there may be price consolidation in Bitcoin for up to two months after the halving, analysts said that general consumers and businesses are better prepared and informed about the basic economic situation compared to previous crypto market cycles.
“Bitcoin continues to decline after the halving. This decline is due to the shelving of interest rate cuts in the short term and profit-taking by investors.
Investors expect an increase, but we think consolidation in price will continue.
As a result, we believe we could see a 1-2 month post-halving consolidation in Bitcoin price, trading in a range with $10,000 swings in both directions.”
Analysts also stated that the positive effects of the halving have not yet been seen on the BTC price and that they expect this positive effect to be seen in the following months.
“At this point, it is expected that the economy will perform better, there will be a reduction in interest rates, and avoiding a recession will give more momentum to cryptocurrency assets.”
*This is not investment advice.