Bitcoin Halving Delayed Impact: Q4 Growth?

Bitcoin (BTC), the world’s leading cryptocurrency, could see a huge surge in the next 50 to 100 days, according to Crypto Rover, a well-known analyst at X (formerly Twitter). The leading digital asset experienced a halving event in April, reducing the supply available for mining.

In the post, the analyst pointed out how previous Bitcoin halvings have sent the market leader to new all-time highs months after the event occurred. The analyst hinted that BTC could reach new highs in the near future as buying pressure on the digital asset mounts.

According to CoinMarketCap, Bitcoin is trading at $59,000 at the time of writing, down 0.71% over the past 24 hours. The day started with BTC falling to $57,768.53, and then bulls took advantage of the low prices and sent the digital asset to a daily high of $59,896.89.

After the Securities and Exchange Commission (SEC) approved Bitcoin spot exchange-traded funds (ETFs) in the United States, BTC hit a new all-time high of $73,750 in March, but has not performed well since the halving event. The effects of the supply reduction for minting are likely to be felt in the last quarter of the year, the analyst says.

Bitcoin has fallen 8.10% over the past seven days and 10.47% over the past 30 days. BTC has fallen 20.13% from its all-time high, with its monthly high at $65,593.24. The cryptocurrency has a market cap of a whopping $1.16 trillion and a 24-hour trading volume of $27 billion.

The TradingView chart above shows the Relative Strength Index at 44.98, confirming that bears are generally in control of BTC price action, but the slope of the line suggests that the slow move will continue in the short term.