Investors, analysts, and experts have been predicting that the price of Bitcoin will increase after the planned 2024 halving despite a declining cryptocurrency market. The next halving of Bitcoin is scheduled for March 24th, 2024, and is anticipated to increase the price of cryptocurrencies.
However, according to one analyst, Bitcoin is all set to defy all traditional theories of its market cycles in 2019. The analyst known as TechDev, predicts that Bitcoin will put an end to the widespread belief that its price cycles are determined by halving cycles.
Block incentives for Bitcoin miners are halved every four years during halving cycles, which many investors feel has been putting pressure on the price. According to TechDev, BTC will mostly go against the halving, which is projected to occur in the middle of 2024, and instead become bullish early next year.
Will Bitcoin reverse before 2024?
The US dollar will lose strength next year, according to TechDev’s forecast, which he compares to the performance of Chinese ten-year bonds to show the cycle of global liquidity.
In addition, the expert argues that Bitcoin peaked in April 2021 rather than November, which suggests that the bear market is deeper than most people think and is also closer to reversing. He cites Litecoin (LTC) as an example of a cryptocurrency that hit a lower high in November as opposed to Bitcoin’s unusual, marginally higher high.
He said, “BTC ‘topped’ April 2021 imo. LTC‘s structure (orange) easier for most to digest. Parabolic top vs. distributive, making Nov ‘21 a lower high. Majority still doesn’t seem to understand corrective waves can make new highs. Used to be part of majority.”
For the unversed, market cycles for bitcoin have historically followed halving events. According to experts, the BTC cycle may soon be approaching its bottom if history is any indication.