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A prominent cryptocurrency analyst says he’s making a hard pivot to BTC with about five days to go until the much-anticipated Bitcoin Halving.
Mati Greenspan says he’s not worried about the naysayers.
Since entering the position on April 30th, his portfolio is up 4.51% at time of publishing.
“Call it FOMO, call it blind faith, or even stupidity, I don’t care. My eToro account is now 100% allocated to BTC.”
Greenspan says the 50% drop in new supply will buoy Bitcoin price even if the rate of adoption remains the same.
“The annual inflation of Bitcoin will go from 3.65% to just 1.8%… approximately half of the global annual inflation rate. At this point, adoption doesn’t even need to grow to sustain the price anymore. Satoshi either knew what he was doing or got really lucky.”
He also cites recent comments from former SEC Chairman Arthur Levitt on a renewed, global focus on inflation.
“As governments continue to print more money it obviously takes more money to buy things with fixed supply…. People are flocking to bitcoin in search of an alternate store of wealth.”
Despite his bullish outlook, Greenspan notes that BTC remains in a descending channel dating back to July of 2019.
The BTC price is currently at the top of that channel, facing resistance at the $9,300 level.
In other trending Bitcoin News today:
Warm-up? History Shows Bitcoin May See Epic Rally After 150% Gain
Bitcoin price may be at the start of an unprecedented mid-term rally after the top-ranked cryptocurrency by market capitalization registered a 150% gain since March.
Historical data shows that when the long-term price trend of Bitcoin shifted at a local bottom with a strong reaction from buyers, it saw an extended uptrend.
Immediately after the BTC halving — now only five days away — most technical analysts foresee a minor pullback occurring.
In previous Bitcoin halvings seen in 2012 and 2016, the price of Bitcoin rallied prior to the halving and corrected right after its activation.
In the medium-term, however, the Bitcoin price tends to see a prolonged upsurge post-halving.
The first halving led to a staggering 10,000% gain, while the second halving triggered a 2,500% price increase.
On a larger time frame, the Bitcoin price technically recorded lower highs as it fell to $3,100 in December 2018 and $3,600 in March 2020.
The term “lower highs” refers to when the price of an asset falls to a low point that is still higher than the previous local bottom.
Based on the price trend of BTC since 2012, Mohit Sorout, founding partner at Bitazu Capital, suggested that the rally of Bitcoin could be just beginning after reaching $9,500.
“Live shot of BTC getting warmed up,” he said.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.