Bitcoin halving could be a ‘sell-the-news’ event, at least for a few months
Analysts say Bitcoin’s halving could be a sell-the-news event as short-term speculators and BTC ETF purchasers book profits.
Many crypto traders expect the Bitcoin halving event to be a pivotal moment in 2024, that significantly impacts the crypto market. However, analysts at Steno Research anticipate that it will be a “buy the rumor, sell the news” event.
There have been three halving events in Bitcoin’s history, reducing miner rewards from 50 BTC to 25 BTC in 2012, then to 12.5 BTC in 2016, and 6.25 BTC at the last halving on May 11, 2020.
Steno Research says that BTC is likely to repeat 2016 halving where selling pressure piled up to four months later.
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