Cryptocurrency fans can be an easy prey for FUD (Fear, Uncertainty, and Doubt). With this in mind, Binance CEO Changpeng Zhao believes that as the next halving event approaches, there will be those questioning the upward price movements.
At the third and most recent halving event that took place in mid-May last year, there were many questions about price action. In the days before and after the incident, Bitcoin was expected to set record highs.
At the time, Bitcoin was trying to go above $ 10,000. But there was a decline and a contraction in the range of $ 7,000 to $ 9,000. Despite record-breaking Google searches and sudden social media discussions about the incident, there was nothing for prices. The market expectation was not met, and each analyst was trying to answer one question: Is halving priced?
Like all the discussions around this time a year ago, in 3 years time, a whole new bunch of people will ask if the #bitcoin halving will an impact on its price.
Save this tweet for future reference. pic.twitter.com/kVfO4jdVJC
— CZ 🔶 Binance (@cz_binance) March 23, 2021
There were many who believed that the halving would have little or no effect on prices. Top-notch crypto analyst Rekt Capital was one of the few who predicted the market well. At the time, he was adamant that Bitcoin’s post-halving trend saw a massive consolidation before the exponential rise. In fact, this was the beginning of corporate interest, according to the Chicago Mercantile Exchange (CME), whose trading activity was setting records.
After months of accumulation, Bitcoin prices started to make big upward movements at the end of the year (2020). In the last three months of the year, Bitcoin broke $ 10,000, surpassing the 2017 high of $ 20,000, ending the year with an all-time high of about $ 30,000. It was clear that the halving was not priced. BTC, which has more than doubled, reached $ 61,000 this year.
CZ Binance looks forward to the fourth halving and believes it will have more impact than the last. However, he warned that if there is a delay in price progress, investors can easily doubt its impact. Until then, no one really knows what levels Bitcoin will be up to. However, most analysts expect it to be over $ 100,000 if the asset has earned as much as it has in the last few months.