While significant altcoins like Ethereum (ETH), XRP, and Solana (SOL) are wallowing in substantial losses, expert figures in the crypto community now see a potential trend reversal amid the looming Bitcoin halving.
In a recent post on X (formerly Twitter), Stockmoney Lizards, a prominent pro-Bitcoin analyst, asserted that a familiar pattern is emerging within the alternative cryptocurrency landscape. According to his analysis, the forthcoming Bitcoin halving event is expected to exert substantial pressure on altcoin breakout trends for a bullish outcome.
#Altcoins pattern reloaded.
Bitcoin halving will put pressure on the breakout. pic.twitter.com/m7LCNBQKk1
— Stockmoney Lizards (@StockmoneyL) October 2, 2023
In support of his claim, Stockmoney Lizards shared a historical chart detailing the price patterns of the overall altcoin market cap. Specifically, the chart compared the altcoin market cap breakout patterns observed in 2016 and 2020, both following Bitcoin halving events, with a similar pattern emerging again.
The chart highlighted a striking similarity between the historical patterns and the projected trend for 2024, in which the Bitcoin mining reward would split in half. In particular, the chart depicted the convergences in the prices of altcoins toward Bitcoin’s past halving, with monumental price surges afterward.
Meanwhile, the pro-Bitcoin analyst is not the only expert seeing a potential surge in the prices of altcoins following Bitcoin’s pivotal event. In a recent post, the CEO of Binance, Changpeng Zhao (CZ), shared his insights on the impact of Bitcoin halving events.
CZ: The day after the halving, the bitcoin price won’t double overnight. But The year after the halving, bitcoin price hits multiple ATH (all time highs). This is my experience based on the past 3 halvings. Read more https://t.co/2iOlogWEfk
— Wu Blockchain (@WuBlockchain) October 9, 2023
According to Zhao, the immediate aftermath of a Bitcoin halving will not lead to an overnight doubling of crypto market prices. However, drawing from his experience from the past three halvings, he anticipates that the year following a halving is when Bitcoin tends to achieve multiple all-time highs (ATH).
Yet, some crypto market participants expressed skepticism about predicting future market events based on past experience.
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