Top BTC Analyst Insists ‘Nothing Will Change’ for Bitcoin Post-Halving, Warns Against Getting Over-Excited
As the highly anticipated Bitcoin halving draws near, a prominent cryptocurrency analyst is urging investors to temper their expectations and avoid getting caught up in the hype surrounding the event. Nagato, a respected voice in the crypto community, insists that “nothing significant will happen” in the short term, despite widespread speculation about a potential price surge.
In an X thread, Nagato expressed his “uneducated guess” that the halving – a pre-programmed event that reduces the rate at which new bitcoins are created – is already priced into the market. He believes that aside from some short-term volatility caused by speculators, the current trend for Bitcoin will simply continue.
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Show more +“Too many people are talking about it. My mom has also been paying attention to the countdown for it,” Nagato said, suggesting that the halving has garnered mainstream attention. “As I always say: WHEN EVERYBODY IS LOOKING AT THE SAME EVENT AND EXPECTING SOMETHING, USUALLY THEY WILL END UP GETTING DISAPPOINTED.”
Nagato acknowledged the divided opinions within the crypto community, with roughly half expecting a post-halving price surge for Bitcoin, and the other half anticipating a “sell-the-news” event that could drive prices lower. However, he maintained that “besides some volatility to both sides, NOTHING SIGNIFICANT WILL HAPPEN (short term).”
The halving, which is scheduled to occur approximately every four years, is a mechanism built into Bitcoin’s code to control its supply and mimic the scarcity of precious metals like gold. By reducing the rate at which new bitcoins are created, the event is expected to increase the asset’s scarcity over time, potentially driving up its value in the long run.
While Nagato understands the mathematical principles behind the halving and its potential long-term impact on Bitcoin’s price, his focus remains on the short-term implications. “I’m focused on what can happen in the short term,” he said.
Providing technical analysis, Nagato highlighted that Bitcoin has been ranging between resistance around $71,000-$73,500 and support around $60,000-$62,000. He expects the cryptocurrency to continue chopping around current levels before a potential breakout to the upside, reiterating his overall bullish outlook.
However, Nagato also cautioned investors to prepare for various scenarios, including a potential “sell-the-news” event that could drive Bitcoin lower. He identified key support levels and potential “gift from God” buying opportunities in case of a significant price drop.
“Don’t be over-excited about the Halving. Stay level-headed. Don’t predict, adapt!” Nagato advised. “Don’t trade the event too aggressively. Sit on your spot bags (& fat ass). Be ready to enjoy the 2024 show.”
As the crypto community eagerly awaits the halving, Nagato’s level-headed perspective serves as a reminder to manage expectations and maintain a disciplined approach, regardless of the short-term market movements.
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