The Bitcoin block reward halving earlier this year was an anti-climatic event for many in the crypto space. Actually, after the halving, the price of the leading cryptocurrency plunged as investors presumably thought this was a “sell the news’ event.
Bitcoin has since recovered massively, though. As pointed out by Michael Goldstein, since the fabled event, the leading cryptocurrency has gained approximately 44% against the dollar.
This makes BTC one of the best-performing macro assets since the block reward halving.
Bitcoin is up over 44% since the halving.
— Michael Goldstein (@bitstein) August 17, 2020
It’s important to note that it is impossible to quantify how much of an effect the halving has had on Bitcoin’s price action. Still, analysts are expecting more upside for this nascent market.
BTC Has More Upside Left: Analysts
Coincident Capital, a crypto-centric hedge fund, believes that there is little resistance risk until $13,800. The fund is led by Bryce Gilleland, Wen Hou, and Sunil Shah, who all have experience trading and analyzing cryptocurrencies along with various corporate roles.
“There is really not much overhead resistance above 12k #bitcoin. Next up is 13.8K, peak of previous high, then ATH.”
There is really not much overhead resistance above 12k #bitcoin. Next up is 13.8K, peak of previous high, then ATH
— Coincident Capital (@CoincidentCap) August 17, 2020
Mike Novogratz of Galaxy Digital is also targeting the region around $14,000. The former Goldman Sachs partner and Wall Street veteran commented earlier this month that Bitcoin is likely to move towards that level due to the “liquidity pumps” by central banks.
As reported by
