According to Bloomberg analysts, there is a 90% chance of Bitcoin exchange-traded funds (ETFs) being approved in January. While this prediction continues, the Bitcoin community is still discussing the important topic of the halving event. Additionally, it is important to consider the potential short-term decline in Bitcoin.
According to prominent crypto investor CryptoCon, BTC has moved on to the next stage of the halving cycle, leaving behind depression and bearish phases: hope. After a long period of despair, signs of Bitcoin price recovery are starting to emerge.
The Bitcoin protocol reduces the reward for mining in new blocks by half with the halving event that occurs approximately every four years. This potential decrease in supply can create upward pressure on the price due to the slowdown in new Bitcoin entering the market.
Following the halving, the decrease in supply in the market is usually supported by rising prices. It can also trigger a bull market characterized by increased investor interest. According to the analyst, investors are currently in the “hope” phase, meaning that after a long period of despair, they are starting to believe in Bitcoin again due to signs of price recovery and its current fair value.
In the next stage, investors typically start to believe in Bitcoin, which rapidly drives up the price. This stage is expected to begin in June 2024 and last for approximately two years. The final stage of the cycle, known as the “red year,” is when the Bitcoin price potentially reaches its all-time high and then experiences a downturn. The analyst predicts that this stage will begin in June 2026 and last for about a year.