Despite the imminent halving of Bitcoin mining, the world’s largest cryptocurrency by market capitalization continues to face selling pressure, falling below the $60,000 mark again last night. Bitcoin has formed a complete head pattern, with heavy selling pressure in the short term. At this time, just before the halving, it may once again confirm the saying “Buy the rumor, sell the fact.”
According to The Block, there are 336 blocks remaining until the next Bitcoin halving, which is expected to occur on April 19 at 9:44 PM Eastern Time.
Yesterday, as US stocks fell, Bitcoin also experienced a decline, dropping to $59,678 at one point. Due to the formation of a complete head pattern and heavy pressure in the short term, it may once again confirm the saying “Buy the rumor, sell the fact.” In other words, investors have already anticipated the halving effect and have been buying, but when the actual event occurs, selling pressure arises and causes a price drop.
Market analysis firm 10X Research has sold off all technology stocks and most cryptocurrencies on the 15th, as risk assets are on the verge of a significant price correction, primarily due to unexpected sustained inflation. They hope to re-enter the market at lower price levels.
BitMEX founder Arthur Hayes closed his positions in SOL and several meme coins earlier in April. He believes that the halving could have a negative impact on short-term price trends because the market has already anticipated it. Therefore, he will avoid the April downturn and wait to enter the market in May.
Buy the rumor sell the fact
Bitcoin
Halving