Bitfinex reveals: Bitcoin is about to enter a rally cycle after its halving, and Dogecoin is about to explode.

https://www.blocktempo.com/64-days-le...

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The news we are going to introduce today comes from blocktempo
This news was published on February 16, 2024, Taiwan time
The title is Bitfinex reveals: Bitcoin halving is about to enter a rally cycle, and Dogecoin is about to explode.

As Bitcoin’s fourth halving event is approaching, the market has great expectations for the future direction of its price. According to Bitfinex’s analysis, Bitcoin has entered a new rally cycle. Since the price exceeded the $52,000 mark on the 15th, it has continued to fluctuate between $51,500 and $52,000. Such market dynamics show that as the Bitcoin spot ETF continues to receive net inflows, its price is expected to rise further.

In addition, it is worth noting that according to data from Bitcoin Block Half, there are only about 64 days left before the Bitcoin halving, which is expected to arrive in mid-April this year. By then, the Bitcoin reward per block will drop from 6.25 to 3.125, an event widely believed to further push up the price of Bitcoin.

Jag Kooner, head of derivatives commodities at Bitfinex, pointed out that from historical data, the market trend before the halving usually begins to rebound about eight weeks before the event, and this market rebound may push the Bitcoin price beyond the previous cycle high. point and become a trillion-dollar asset again. This trend is mainly due to the large inflows brought by Bitcoin spot ETFs.

Kooner also mentioned that it is quite common for funds to flow into the altcoin market after Bitcoin reaches a clear high, which reflects the behavior of investors looking for other cryptocurrencies with greater potential to invest after Bitcoin reaches highs. In particular, they mainly invest funds in areas with specific potential such as the Solana blockchain ecosystem and artificial intelligence-based cryptocurrency projects.

Looking back at past halving events, Bitcoin halving is seen as an important factor in the bull market, mainly because it can increase the scarcity of the currency, thereby pushing up the price. Statistics after the past three halvings show that it usually takes several months to a year and a half for an increase in currency prices to ferment. For example, after the first halving in 2012, the currency price rose by 8450% in about 12 months; after the second halving in 2016, the currency price rose by 290% in about 17 months; in 2019 After the third halving, the currency price rose by 560% in about 18 months.

In this news, we can analyze the price trend of Dogecoin from the following perspectives:

1. Market warm-up before Bitcoin halving: With only about 64 days left for the next Bitcoin halving, the market has entered an obvious rally cycle. Judging from past experience, Bitcoin usually experiences price increases in the months leading up to halvings due to increased scarcity expectations resulting from reduced Bitcoin supply after the halving. This expectation not only pushed up the price of Bitcoin, but also brought positive sentiment to the entire cryptocurrency market.

2. There is a clear trend of capital flows to altcoins: The approach of the Bitcoin halving event, coupled with the market’s pursuit of high returns, has led investors to turn their attention to altcoins with higher potential returns. The original article pointed out that after Bitcoin reaches new highs, it is very common for funds to flow into the altcoin market. Dogecoin, as one of the well-known altcoins on the market, often benefits from this transfer of funds because it not only has high liquidity but also has an active community base.

3. Dogecoin’s explosive potential: Considering the market warm-up stage before Bitcoin’s halving and the trend of capital flows to altcoins, Dogecoin has significant explosive potential in this cycle. The original article mentioned that the next step is to ambush the explosion of altcoins, which means that after the Bitcoin halving event, the market’s focus may shift to altcoins with specific potential. Dogecoin has demonstrated its ability to serve as a potential flashpoint due to its broad community support and multiple price swings triggered by social media in the past. In the current market environment, this potential may be further amplified by the overall increase in market sentiment brought about by the Bitcoin halving.

In general, as Bitcoin is about to usher in its fourth halving, market expectations for its price have driven a new wave of rising cycles. This halving event is not only expected to directly increase the price of Bitcoin, but will also have a positive impact on the entire cryptocurrency market, especially altcoins such as Dogecoin. Dogecoin has the potential to become the focus of market attention and a price explosion point, mainly due to its high liquidity and strong community support. Based on the above factors, this channel believes that this is the golden moment for long-term investors to accumulate chips and plan for the future. However, it must be emphasized that these views we share are not professional investment advice. They are only based on our observations and analysis. If you have any questions about our interpretation, we recommend that you refer to the source news link attached in the information column. For further verification, it is crucial for investors to do their own homework. Please remember to never invest in something you do not understand, never invest in a position that you cannot afford to lose, and make investment decisions carefully. . Of course, we will continue to pay close attention to the latest developments in Dogecoin.