• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

Is The Bitcoin Halving The Key For A BTC Price Bottom?

Reynaldo Marquez by Reynaldo Marquez
2 weeks ago
in Bitcoin
Reading Time: 2 mins read
Advertisement

Bitcoin is still holding above $20,000 despite a massive increase in selling pressure over the past few days. The cryptocurrency has experienced some of the worst capitulation events in its history and could be read for a fresh leg-down.

Related Reading | Bitcoin Exchange Reserve Spikes Up, Selloff Not Over Yet?

At the time of writing, BTC’s price trades at $20,700 with a 7% and 31% loss in the last 24 hours and 7-days respectively. Market participants seem to be expecting new highs, but a resume in bullish momentum could catch them off guard.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!
Bitcoin BTC BTCUSD
BTC trends to the downside on the 1-day chart. Source: BTCUSD Tradignview

A pseudonym trader believes that the key to finding BTC’s price next major bottom is the Bitcoin Halving, the event that cuts this network block rewards in half every 4 years. The analyst claims that during a drawdown, the cryptocurrency finds a bottom “780-889 days after its previous” halving.

Currently, the Bitcoin network is at 766 days away from this event as it approaches a critical support zone. As seen below, when these two events coincide, BTC’s price can resume bullish momentum and reclaim previous highs.

Bitcoin BTC BTCUSD
Source: CryptoKaleo via Twitter

The analyst claims that the halving is part of a bullish thesis for Bitcoin as the cryptocurrency reduces its issuance, and there is less BTC available in the market. Conversely, BTC’s adoption levels trend to the upside.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

The analyst shared a chart from Blockware Solutions. As seen in the chart, BTC’s price seems directly correlated to the percentage of the population adopting it and indirectly correlated to its supply issuance.

This is the ultimate bullish case for Bitcoin in one simple visual.

Exponentially growing user growth juxtaposed with Bitcoin's pre-programmed increasingly deflationary monetary policy. pic.twitter.com/s7S48K5YDt

— Will Clemente (@WClementeIII) June 9, 2022

Claiming that the world is “still early” on Bitcoin, the analyst added:

Why does the halvening model have any validity, and where does the imaginary logarithmic support curve come from? Simple supply and demand economics. The block reward is the vehicle for Bitcoin total supply inflation. BTC miners provide constant sell pressure into the market.

Should You Go All-In On Bitcoin?

Despite this thesis, the analyst claims that BTC could still face a lot of volatility and a lot of rangebound movement. In addition, BTC’s price could take time to form a convincing bottom.

Related Reading | Bitcoin Bounces Back Before Hitting 2017 Peak, Is The Bottom In?

The analyst said the following on BTC’s price potential to re-test new lows:

So, while we may still go lower – and as we may see a liquidation cascade as ugly as we’ve seen since March of 2020 when $20K finally breaks, I believe from a timing perspective – the bear market bottom isn’t as far away as it may currently feel.

Tags: bitcoinbtcbtcusd
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Reynaldo Marquez

Reynaldo Marquez

Related Posts

bitcoin

Why Bitcoin Could Return To $28,000, But By The End Of 2022

16 hours ago
$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

$15k Possible Bottom For Bitcoin? “Delta Cap” Says So

19 hours ago
bitcoin bear

New Bitcoin Record Paints Incredibly Bearish Picture As BTC Struggles At $19,000

21 hours ago
Bitcoin

Why Bitcoin Could Collapse Another 50%, Says Michael “Big Short” Burry

21 hours ago
Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

Crypto Market Loses $60 Billion As Bitcoin Dips Below $20,000

22 hours ago
Bitcoin

Bitcoin Sees Worst Quarter In 11 Years

23 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
BC.Game

BC.Game

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
BC.Game

BC.Game

Review · Visit

Don’t Miss Out On Experts’ Top Crypto Picks! Gnox (GNOX), Algorand (ALGO) And VeChain (VET) Set To Lead Bullish Market

July 2, 2022

LBank Exchange Will List DEBT on July 5, 2022

July 2, 2022

LBank Exchange Will List Metavie Token (METAVIE) on July 5, 2022

July 2, 2022

Holon (HLN) Is Now Available for Trading on LBank Exchange

July 2, 2022

LBank Exchange Will List METAFASTEST (METAF) on July 1, 2022

July 2, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.