As the market attempts to recover from a bad weekend, one top analyst has commented about Bitcoin’s price in regards to the Bitcoin halving. His comment is a bullish one and Bitcoin enthusiasts have welcomed it.
Anthony Pompliano has settled or at least given his two cents on whether Bitcoin halving is priced in at the current position.
And the answer is…no.
The Bitcoin halving is not priced in at current prices. Bitcoin is trading in the $9,700- $10,500 price range. With the halving now a few weeks away, many have been asking about its pricing in.
If it is already priced in, the digital asset has topped. If not, there are higher highs to be achieved over the coming days.
Of course, the bears would like to believe that it is priced in and that Bitcoin has topped. But with the mining cost expected to go to over $10K. This high will break and Bitcoin will trade well above its 2019 high of $14,000.
Bitcoin Halving To Reduce Reward
The Bitcoin halving will reduce the block reward by half. This will take it from 12.5 BTC to 6.25 BTC.
Leading up to it and after, Bitcoin will accelerate its upward trajectory. Most analysts expect it to end with an all-time high.
Fundstrat’s Tom Lee expects a 190% gain over the next six months.
Sharp Sell-Off, Quick buy
Over the weekend there was a sharp sell-off that saw Bitcoin break below $10K in a couple of hours. Panic ensued and by the end of the day, nearly all top coins were in the red and the total market cap below $300B.
Bitcoin dropped to the $9,700 support. After this proved to hold well, there was a quick buy with investors betting Bitcoin will get back above $10K.
It also enjoys support by investors exiting altcoins which are down by over 10%.
In a market bloodbath, investors seek Bitcoin instead of altcoins. The Bitcoin movement is more predictable and stable.
With the Bitcoin halving and technical indicators still showing a bullish Bitcoin, Bitcoin will be back above $10K sooner than later.