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.
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.