Bitcoin price recently hit $30,000 and still consolidates around that mark. However, many prominent traders and experts predict that the number 1 cryptocurrency is gearing up for more highs.
In a recent analysis, crypto experts suggested that BTC could relive the 2021 bull cycle ahead of the upcoming Bitcoin halving event. Prominent crypto researcher Will Clemente implied in a tweet that BTC could enter another 500% cycle after the next halving.
Bitcoin undergoes halving every four years after mining 210,000 blocks. Experts suggest that Bitcoin’s halving causes a price increase as the number of coins in circulation reduces and creates scarcity.
Notably, Bitcoin halving events do have a significant effect on BTC prices. Historical data shows that the BTC price witnessed a significant push after every halving event.
Clement posted a chart detailing BTC price movement at previous halving cycles. The curves show that Bitcoin prices notably increased after the halving events. For example, the first BTC halving event occurred in 2012 and saw the BTC price increase by a massive 2,830%.
The same observation followed the subsequent halving events in 2016 and 2020. During these halving cycles, BTC’s price increased significantly after each event leading to the next one.
The Reserve Risk metric is among the primary indicators that signaled Bitcoin’s parabolic price moves in the previous halving cycles. Bitcoin often gains value when the Reserve Risk has climbed above zero (0).
Notably, the Reserve Risk metric has crossed zero again, as it did in the other halving cycles. That movement may indicate that Bitcoin is gearing up for another massive price increase.
Many crypto investors have Bitcoin on their watchlists, closely keeping tabs on the assets as the community awaits the upcoming halving event.
Usually, cryptocurrencies are highly volatile and often deviate from past price behaviors. Also, the recent move of the Reserve Risk metric above zero strongly indicates the possibility of another massive BTC growth cycle in the nearest future.
At press time, Bitcoin is trading at $30,396, with a 24-hour price increase of 3.22%. Bitcoin’s price earlier today, April 18, aligned with the bearish market-wide trend as the global crypto market cap dropped by 0.08%.
Yesterday, April 17, Bitcoin closed with a 2.88% price decline at $29,445.04. The bearish price movement pushed BTC to surrender its past week’s gain with a 0.76% 7-day price decline early today.
But as of press time, BTC and other assets have reclaimed their values pushing the global market cap up by 0.89%. With the recent indicator flashing bullish signals, BTC could be gearing up for new highs in the coming months.
Featured image from Pixabay and chart from Tradingview
Eli brings an eclectic point of view to market analysis. Currently, he writes about various asset classes, including Crypto and Stocks. Eli has been writing crypto oriented content for almost 6 years now and he is a hard core believer in Blockchain and is confident that it can reform the traditional financial system. He also thinks Bitcoin will become universal currency in the near future. You can follow Eli on Twitter: @EliDambel
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