Macro investment strategist Lyn Alden is making predictions on Bitcoin (BTC) remaining bullish over the next 180 days.
Furthermore, Lyn Alden notes while talking in an interview with Kitco News, that despite the slight decline Bitcoin is experiencing, that the on-chain data supports a bullish outlook moving forward.
So, Lyn Alden explains better
“Overall, the on-chain indicators generally look pretty bullish at this time…”
“Overall I’d say that the bullish case is a lot stronger than…”
“the bearish case when looking out, say, six months.”
Additionally, Lyn Alden notes how Bitcoin entering a bearish phase will be different.
“Whether or not we get a crypto winter will partially depend on how…”
“euphoric it gets in the first place. So in those prior crypto winters, you got extremely high…”
“euphoria in Bitcoin and other cryptos. Whereas I think here, by most indicators,..”
“you’ve not seen Bitcoin reach those lofty heights of euphoria that you’ve seen in prior highs…”
Then, Lyn Alden continues.
“But if it were to get to a very high level, I do think you’d have a longer cool-off period…”
“I just don’t know if it would last kind of the same length of time…”
“It’s more about demand in my view, whereas supply is already getting pretty interesting how tight it is.”
Furthermore, Lyn Alden goes on to say that the effect of Bitcoin halvings on price will decrease. That’s, on going forward as the number of unmined coins has dropped dramatically.
Then, Lyn Alden continues.
“…Bitcoin has kind of reached the later stages of its distribution…”
“So in those earlier markets, the amount of new supply Bitcoin was still pretty high.”
So, Lyn Alden adds.
“Whereas because of those supply flow halvings, almost 19 million Bitcoin already exists…”
“And the other two million are the ones still to be distributed,..”
“and so those halvings, I think, will matter less and less going forward.”
Then, Lyn Alden concludes.
Lastly, Bitcoin halvings happens every four years. Whereby, miner rewards are divided in half per block.
So, The next milestone event will happen in May of 2024, according to CoinGecko.
