Bitcoin (BTC) Price Consolidation Continues Post-Halving: Insights from Bitfinex

• Bitcoin’s price consolidation may continue for up to two months post-halving, according to analysts at cryptocurrency exchange Bitfinex.
• Despite current on-chain signals indicating a potential bottom for Bitcoin, the cryptocurrency’s dominance is experiencing a decline, with Ethereum and other altcoins outperforming it.
• Investors are shifting focus to altcoins in search of potentially higher returns, a trend that typically follows post-halving periods.

Bitfinex analysts predict a continued price consolidation for Bitcoin post-halving, while altcoins are gaining investor attention due to their potential for higher returns.

Bitcoin’s Price Undervalued, Says Bitfinex

Bitfinex’s latest market report suggests that Bitcoin is undervalued, with the Market Value to Realised Value (MVRV) ratio currently at 2.21. This is seen as a potential entry point for investors, as historical patterns show substantial returns when MVRV dips below its 90-day average. However, Bitcoin’s dominance is experiencing a decline, with Ethereum and other altcoins outperforming it.

Shift in Investment Patterns Due to Slower US Economic Growth

This shift in investment patterns is attributed to a federal economic report highlighting slower-than-anticipated growth in the US economy. The real Gross Domestic Product (GDP) annual rate dropped to 1.6 percent in the first quarter of 2024, down from 3.4% in the last qu... Read the full article for FREE at COINOTAG!