U.Today - The much-anticipated Bitcoin (BTC) halving event is around the corner, with current projections placing the timeline sometime in April. The emergence of this event is notably poised to change the outlook of the entire market as it will force a slump in Bitcoin issuance rate, which might ultimately impact its price. Crypto analytics platform CryptoQuant has shed insight into the potential price target for the coin after the halving event.
The CryptoQuant analysis drew reference from the first three Bitcoin halving events, highlighting a common theme in terms of price action. The coin typically begins an uptrend a year before the halving event and continues on a bullish ride to hit a new high after the halving before entering a bearish phase.
In the first halving and second halving events, Bitcoin’s price soared from $2.48 and $269 a year before the event, soaring to a high of $1,131 and $2,518 about a year later. Similar trends surfaced in the third halving cycle of 2020 as the price moved from a low of $7,255 to a high of $56,615 a year after.
Ahead of this current halving cycle, Bitcoin’s price has been picking an uptrend since April of last year, and should history repeat itself, it would chart a more ambitious price that might see it surpass its all-time high (ATH) above $69,000.
Bitcoin ETF catalyst
Since their emergence, spot Bitcoin ETF products have not helped price growth in general but rather have led to bouts of liquidations as funds flew out of Grayscale Bitcoin Trust (GBTC).
Nonetheless, with Bitcoin halving, the ETF might serve as the needed piece to help trigger the next bull market cycle.