Bitcoin is witnessing a tough battle between the bulls and the bears near the $69,000 level with buyers holding a slight edge.
Bitcoin (BTC) continues to hover around the $69,000 mark, indicating a tough battle between the bulls and the bears. Some analysts expect the upcoming Bitcoin halving to act as a major trigger, but new research by crypto analytics firm CryptoQuant said that the halving effect “has been diminishing, as the new issuance of Bitcoin gets smaller relative to the amount of Bitcoin selling from long-term holders.”
Another negative voice in the near term is that of BitMEX co-founder Arthur Hayes, who believes there will be extreme weakness in risky assets until May 1. However, Hayes is positive for the medium term as he expects the Bitcoin halving to push prices higher.
If one rides the short-term volatility, the subsequent rally could cheer the investors in the long term. Bitfinex analysts said in a research report shared with Cointelegraph that Bitcoin could soar 160% post halving to reach between $150,000 and $169,000 in the next 14 months.
