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Home BREAKING NEWS

Bitcoin Expected to Consolidate Post-Halving, Says Bitfinex Analysts

by Matoy
May 2, 2024
in BREAKING NEWS, CRYPTO
Reading Time: 2 mins read
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  • Bitfinex analysts predict a 1-2 month consolidation phase for Bitcoin with potential swings of $10,000.
  • The macroeconomic environment remains stable, reducing the likelihood of immediate rate cuts.
  • Shifts in market dynamics could lead to increased attention on altcoins as Bitcoin’s dominance wanes.

In the aftermath of the recent Bitcoin halving event, analysts from cryptocurrency exchange Bitfinex anticipate a consolidation period for Bitcoin that could last one to two months. This phase is expected to feature price fluctuations within a $10,000 range, according to the latest Bitfinex Alpha market report.

Market and Economic Resilience

The report notes that the current macroeconomic environment is more resilient compared to previous years, and with a lower likelihood of immediate rate cuts, the market seems poised for stable, albeit stagnant, short-term activity. Analysts observe that both consumers and businesses are now more informed about the economic landscape, which may lead to cautious but sustained interest in cryptocurrency investments.

JUST IN: Bitfinex analysts forecast a one to two-month consolidation period for #Bitcoin post-halving

— BlockNews.com (@blocknewsdotcom) May 2, 2024

Longer-Term Optimism Post-Halving

The halving, a significant event in the Bitcoin ecosystem that reduces the supply of new coins entering the market, typically creates expectations of price increases. However, Bitfinex analysts believe any significant positive impact from the halving will manifest in the months following the consolidation period, potentially when the economy is performing better, thus avoiding a recession and providing further support to crypto assets.

Shift Toward Altcoins

As Bitcoin enters this consolidation phase, there appears to be a shift in market dynamics. Michaël van de Poppe, founder of MNTrading, and other cryptocurrency traders suggest that Bitcoin’s dominance might have peaked, with liquidity beginning to flow towards altcoins. This sentiment is reinforced by the Bitfinex report, which details dropping Bitcoin market dominance and a historical trend of attention shifting to altcoins post-halving.

This shift is characterized by investors seeking potentially higher returns from alternative cryptocurrencies, driven by Bitcoin’s reduced supply growth rate, which is generally seen as a long-term bullish signal. Such trends have led to Ether outperforming Bitcoin in gains for two consecutive weeks, marking its strongest weekly gain against Bitcoin since the beginning of the year.

Tags: BitcoinHalving
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