The price of Bitcoin has risen from around $43,000 to the key level of $52,000 in the past two weeks, indicating a rebound before the halving, according to an analyst. Jag Kooner, head of derivatives at cryptocurrency exchange Bitfinex, stated that based on previous Bitcoin cycles, the price typically starts to rebound about eight weeks before the halving event, and the current price trend of Bitcoin aligns with this pattern.
The Bitfinex analyst stated that the historical price trend of Bitcoin (source: TradingView, with orange lines representing the week of the three previous Bitcoin halvings) supports this observation. According to CoinMarketCap data, at the time of this article’s publication, there are only 62 days left until the Bitcoin mining reward halving.
Kooner added that the slowing pressure of GBTC fund selling and the continuous daily inflow of funds into other Bitcoin spot ETFs (averaging between $300 million to $400 million) have significantly supported the price of Bitcoin. However, the analyst cautioned that there may still be some uncertainties in the market.
Furthermore, Kooner emphasized that the altcoin market has become particularly interesting in the current environment. He stated:
