BTC: Here’s what one can expect from mid-halving event due next week

ambcrypto.com:

Bitcoin, the largest cryptocurrency, has impressed investors with its bullish metrics of March. In one of the most interesting metrics, the outflow of Bitcoin from exchanges in the past 30 days reached the 100K mark.

Here it’s important to note that the monthly outflow of Bitcoin from such a large-scale exchange occurred several times in history, but most of them occurred after 12 March 2020. Importantly, after the major sell-off on 24 February 2022, the price of the king coin appreciated.

The Bitcoin price has dropped under $50,000, down from highs of almost $70,000 late last year. This drop in price occurred as Russia’s war in Ukraine sent shockwaves through global markets. Nonetheless, the prediction game is off to a solid 2022 start. While 2021 focused on the $100k price prediction. Curiously, 2022 saw a few ‘dramatic’ predictions, so to speak.

For instance, a crypto price prediction forecasted that Bitcoin’s price could hit $1.3 million. Thus, calling the “upside” for gold and Bitcoin “potentially dramatic.” Well, it’s worthy to note that the event of Bitcoin halving plays a vital role in BTC’s price pumps.

Interestingly, the nexthalving is expected to occur between March and April 2024 or early May. In the previous cycles, a price hike followed the event. One may wonder how.

Well, according to Santiment, the price increase hits its peak between 515 and 545 days following the halving. This was reached in Q4 of 2021 when Bitcoin reached an all-time high of over $60,000. Usually, the price top historically occurs 515 to 545 days after $BTC‘s supply is cut in half. Thereby, creating more scarcity. 

Source: Santiment

After the 2016 halving, the price rose from 11 July to a peak in December 2017. After that, it dropped due to