One prominent crypto trader says that history suggests the Bitcoin price could rally within a few months. | Source: Shutterstock

By CCN.com: In the last 24 hours, seemingly unaffected by the withdrawal of the Chicago Board Options Exchange (CBOE) and VanEck Bitcoin exchange-traded fund (ETF), the Bitcoin price has remained stable at $3,500.

Based on the relatively strong performance of major crypto assets, it is likely that many investors generally considered the probability of a Bitcoin ETF approval in the first quarter of 2019 to be low.

Halvening May Lead Bitcoin to Recovery

According to a cryptocurrency technical analyst and trader with an online alias “Moon Overlord,” the anticipated halvening of the Bitcoin network’s block rewards in May 2020 could lead to the recovery of the dominant cryptocurrency.

The analyst explained that historically, the asset started to recover at least one year before the occurrence of a halvening. If the Bitcoin network demonstrates a similar trend prior to the 2020 halvening, the analyst suggested that the asset may show a major trend reversal by as early as May of this year.

He said:

Bitcoin has traditionally starting (sic) pumping around 1 year on average before it’s halving date The next halving is estimated to be May 2020, meaning that the uptrend will begin in May of this year In which case you’d only have a few months left to buy BTC at this low of price

The halvening of the Bitcoin network refers to the decline in the reward miners on the network receive for mining blocks and verifying transactions. Due to the fixed supply of the Bitcoin network, the amount of BTC generated in every block declines over time as the network approaches the maximum supply of BTC at 21 million.

Previous articleFacebook Has 1 Billion Fake Accounts, Mark Zuckerberg ‘Greatest Con Man in History’: Researcher
Next articleShock Claim: Ripple (XRP) Market Cap Massively Lower Than Advertised