Prominent crypto trader Kaleo shared insights on Bitcoin’s BTC/USD price trajectory, emphasizing the significant growth that has followed each halving event.
What Happened: Crypto Kaleo pointed out that since the 2012 halving, Bitcoin’s value has skyrocketed over 500,000% from $12 to nearly $70,000. He noted that the majority of this price discovery occurred in three distinct periods, each lasting less than two years. During the remaining time, Bitcoin's price either moved sideways or declined.
Kaleo emphasized that these price surges kicked off in the year following a halving event. Despite the efforts of many to predict the exact price of each local bottom and top, these fluctuations are merely noise in the grand scheme of things.
While acknowledging the possibility of a temporary dip into the $40,000s or $50,000s, Kaleo suggested not to lose sight of the "violent up-only price action that’s around the corner.” He concluded, "The real fun for this bull market hasn’t even started yet."
Also Read: Bitcoin Close To $70K But Trader Warns Not To Buy ‘What Has Already Pumped’
Why It Matters: Kaleo’s analysis underscores the potential for significant Bitcoin growth in the aftermath of halving events. He argued that the current period, several months after a halving and with Bitcoin’s price below the previous cycle’s all-time high, is historically the best buying opportunity.
Coinbase Institutional shared the BTC chart tracking the prior two cycles, suggesting the current cycle is trading in line with previous patterns.
Lookonchain data highlighted that whales are accumulating BTC, with one whale withdrawing 4,500 BTC, worth $302 million, from Binance in the last 22 hours. Also, three other wallets belonging to the same whale withdrew 1,400 BTC (worth $94 million) from Bitfinex and they also withdrew 2,510 BTC (worth $163 million) from Bitfinex on June 20.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Image created using artificial intelligence with Midjourney.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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