The price of Bitcoin has risen from around $43,000 to the key level of $52,000 in the past two weeks, signaling a pre-halving rebound in the market, according to an analyst.
According to Jag Kooner, head of the derivatives division at the cryptocurrency exchange Bitfinex, historical Bitcoin cycles show that the price typically starts to rebound about eight weeks before a halving event occurs, and the current price trend of Bitcoin is in line with this pattern.
The Bitfinex analyst stated:
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Historical Bitcoin price trends (source: TradingView, orange lines represent the week of the last three Bitcoin halvings)
According to CoinMarketCap data, at the time of writing, there are only 62 days left until the Bitcoin mining reward halving.
Kooner added that the decreasing selling pressure from the GBTC fund and the continued daily inflow of funds into other Bitcoin spot ETFs (averaging $3 to $4 billion) have significantly supported the price of Bitcoin. However, the analyst warned that there may still be some uncertainty in the market.
Kooner stated:
Furthermore, Kooner emphasized that the Altcoin market has become particularly interesting in the current environment. He said: