Bitcoin (BTC) investors and enthusiasts are bracing themselves for a potential seismic shift in the cryptocurrency landscape, as a prominent analyst warns that the post-2024 Bitcoin halving could usher in a “major bear market.”
CrediBULL Crypto has stirred the crypto community with his recent analysis, suggesting that the upcoming halving event might not be the catalyst for a bull run, as many expect.
Bitcoin halving events, which occur roughly every four years, have long been closely watched by investors due to their historical impact on the cryptocurrency’s price trajectory. The halving mechanism is built into the cryptocurrency’s code and reduces the block reward miners receive by half.
This scarcity-driven event often leads to supply shocks and, historically, has sparked significant price rallies. The previous halvings were indeed followed by remarkable bull runs. However, CrediBULL Crypto suggests a paradigm shift may be on the horizon.
Bitcoin Bull Market Peak
CrediBULL Crypto’s analysis challenges the conventional narrative surrounding BTC halving cycles. While many have considered the halving events as the starting point of new bull cycles, CrediBULL argues that the post-2024 halving might mark the peak of the ongoing bull market cycle, which he posits began in 2018 when Bitcoin was priced at $3,000.
Why the next $BTC halving in April/May 2024 will likely mark our bull cycle TOP rather than the “start” like many are expecting and why we will likely be in the depths of a MAJOR bear market by 2025:
I’ve previously explained that the amount of time we are spending… pic.twitter.com/lQrGSo4rRs
— CrediBULL Crypto (@CredibleCrypto) August 10, 2023
This alternative timeline implies that the cryptocurrency is still within a prolonged bull market, and he anticipates a higher price peak than the previous record of $69,000 in November 2021.
CrediBULL’s assertion is grounded in his interpretation of historical data, raising intriguing questions about the cyclical nature of Bitcoin’s price movements and the broader factors influencing its trajectory.
View metric:https://t.co/dJK8rxBVD3 pic.twitter.com/vb4dTp2Ezp
— glassnode alerts (@glassnodealerts) August 9, 2023
HODLers Unfazed Amid Uncertainty
As the debate over Bitcoin’s future intensifies, recent data from Glassnode provides a nuanced perspective. The amount of “HODLed” or lost Bitcoin, those coins held tightly by long-term investors, has surged to a new five-year high, reaching 7.8 million Bitcoins.
This phenomenon suggests that a significant portion of Bitcoin holders remains undeterred by market fluctuations, choosing to retain their investments rather than capitulating amid potential uncertainty.
Bitcoin (BTC) retains position in the $29k territory. Chart: TradingView.com
Enduring Market Sentiment
Bitcoin stands at $29,415.22 via CoinGecko, with a minor 0.3% decline in the past 24 hours, and a modest 0.9% rise over the last seven days. Nevertheless, the resilience displayed by committed HODLers may hint at a more complex and enduring market sentiment.
As the crypto community ponders the potential implications of the post-2024 halving, CrediBULL Crypto’s contrarian perspective challenges the prevailing wisdom and underscores the need for ongoing scrutiny of the evolving cryptocurrency landscape.
Investors are left to contemplate whether this forecasted bear market will materialize, or if the crypto market’s resilience will once again defy expectations.
Featured image from Lenexa Manufacturing