- Veteran crypto analyst says the best time to buy Bitcoin is near.
- BTC and the other top three digital assets (ETH and XRP) are down by 2.61%, 4.97%, and 6.71%.
- Bitcoin could hit the bottom before its next halving event.
Cryptocurrency News Today – Digital assets have suffered volatility over the last 12 months. Only days ago, it appeared things were looking good on the crypto front. Now, a recent look at the market action from Tuesday’s trade shows that the market is bleeding again. The vast majority of virtual are trading in the red. Bitcoin is down by 2.61% ($6,752).
Ethereum is down by 4.97% ($127.93). While XRP and Bitcoin Cash are both down by 6.71% ($0.1932) and 6.06% ($185.37) respectively. Despite this recent market action, veteran crypto commentator Tone Vays believes that we are approaching the best time to buy Bitcoin. The former BTC bear has sudden become bullish on the number one crypto by market cap.
Tony Vays: BTC will Bottom before its May 2020 Halving Event
Per the report, Vays remarked upon a recent episode of Trading Bitcoin. During the episode, Vays said he expects BTC to bottom before its halving event scheduled for May of 2020. The veteran crypto analyst said Bitcoin’s climb to about $14,000 this year made him shift his analysis. He said it has left the door open for two likely outcomes in any case.
The next BTC halving event that is scheduled for 2020 will cut miner rewards by half. It will also cut the rewards for processing transactions in half. This will further slow down the supply of the BTC coming into the market. Another crypto analyst Rekt Capital is also in support of Vays prediction for BTC. He expects the coming event to be key for BTC price. Looking at the price history of BTC, the trader told his 24,000 Twitter followers that Bitcoin’s year-end retreat is typical. The year before a BTC halving event, Bitcoin typically experiences:
- A 40% correction.
- An uninteresting Q4.
Currently, the most recent retrace is the deepest to have happened just before the halving event. But BTC is still following through historically. Having said this, the months before the next BTC halving will be crucial. History shows that a strong Bitcoin recovery followed by another retrace lies ahead before the halving event.
With just five months to the halving event, BTC’s next reward splitting has emerged as a hot-button matter. There’s a lot of skepticism on the impact of the event. A recent tweet by Morgan Creek Digitals’ Jason Williams plays down the notion that BTC’s halving will change the price action of Bitcoin. Williams says the halving event is already priced in.