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The third thing I believe can make the price to increase are fomo people. They will see everyone investing and they will also invest for not to miss the great benefit.
We all know that big pumps don't happen instantly after halving. There is a long process until the market rises. Based on the previous two periods, the highest price is always formed a few months after halving. Market interest will increase based on this history because they don't want to miss the moment. While new entrants who are attracted by increased hysteria will go along, this will cause the market to become more attractive.