BTC’s Price May Begin To Climb When Closer to Next Halving Event

A tweet made by the crypto trader, PlanB (@100trillionUSD), yesterday shows that the next Bitcoin (BTC) halving is set to take place in approximately 15 months. Currently, the price of the crypto market leader stands at $16,821.14 according to the crypto market tracking website, CoinMarketCap.

According to CoinMarketCap, BTC’s price has risen 0.30% over the last 24 hours. Bitcoin’s price is, however, down 2.28% over the last 7 days. The trading volume for BTC is also up over the last 24 hours. At press time, the daily trading volume for BTC is approximately $21,567,971,550, which is a 71.65% increase compared to yesterday.

Monthly chart for BTC/USDT (Source: CoinMarketCap)

The price of BTC has entered into a consolidation on its monthly chart after a steep decline from its 2021/2022 all-time high (ATH). With the next BTC halving event approximately 15 months away, anything can happen to the price of the crypto market leader leading up to the event.

While the dust settles from the FTX downfall and the FUD surrounding Binance, the next few months could see the price of BTC picking up. The main reason for this bullish thesis is that the halving event will mean that the acquisition of BTC by miners will be more difficult, thus making BTC more scarce.

However, this build-up in price will not happen for at least 5 months as the US Fed will continue to tighten monetary policy. BTC’s price will have room to breathe only once macroeconomic conditions ease up.

Disclaimer: The views and opinions, as well as all the information shared in this price analysis, are published in good faith. Readers must do their own research and due diligence. Any action taken by the reader is strictly at their own risk. Coin Edition and its affiliates will not be held liable for any direct or indirect damage or loss.

Source