It's been 83 days since the prestigious Bitcoin [BTC] halving event, yet the coin has not displayed any glimpse of its traditional
A deep-dive showed that the coin can reach $64,688 as long as demand increases.halving event, yet the coin has not displayed any glimpse of its traditional post-halving rally. This year, the halving, which reduces the coins created and miners’ rewards, took place on the 19th of April.
While Bitcoin historically goes through a downturn after the halving, this one seems to be extraordinary. Notably, this is because the price action has been underwhelming for about three months.and that of the long term. It does this by dividing the daily issuance of BTC by the 365-day issuance. On the other hand, if the Puell Multiple is lower than 1, it indicates that prices are down with values lower than 0.40 suggesting the bottom.However, it is noteworthy to mention that it could take another month or so for Bitcoin to reach its bottom. If this is the case, the bull run might not happen until the start of the fourth quarter or close to the end of Q3.Despite the unimpressive price action since the halving, long-term holders are showing confidence in the coin’s potential.
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