Bitcoin recently saw a rise in price but has since corrected itself by more than 8.2% after it reached $42,230. Is the famous cryptocurrency out of steam?
According to a few market analysts, Bitcoin is hardly out of steam and is expected to reach new highs later in the year. Nunya Bizniz, an independent market analyst, posted some analysis on Bitcoin bullish trends over the two years it experienced its great halving, and from data, Bizniz predicted that the next Bitcoin peak will form on September 21, 2021.
For those that don't know what the great halving is, it's a pre-programmed event where Bitcoin's supply is halved every four years. Seeking Alpha financial markets contributor Ariel Santos-Alborna explained that "Both tops occurred in November and December, respectively, which could insinuate that the trigger for bear markets has more to do with taxes," and that a "more realistic" top for Bitcoin is between $88,000 and $150,000. For more information on this story, check out this link here.
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