Move over the Fed pivot, the mining reward halving slated, which is expected to happen in 2024, could soon bring cheer to the bitcoin market. Reports godbole17
"Be fearful when others are greedy and greedy when others are fearful," legendary investor Warren Buffett once said.
The positive prediction is based on the assumption that bitcoin will repeat the bullish price action seen in the lead-up to the July 2016 and April 2020 halvings. On both occasions, bitcoin ran into bullish winds 15 months ahead of the halving and, in the halving month, traded 39% higher from where it changed hands two years ago.
"The timing of Hong Kong potentially legalizing retail crypto trading in order to become a crypto hub right after China's Party Congress, which is held only twice every decade, signals that China is changing its stance towards crypto," Thielen noted.