With the bitcoin halving event approaching, data from crypto industry research and analysis platform CryptoRank.io has revealed that a significant majority of its users (79%) are optimistic about the upcoming halving, while 21% have bearish skepticism.
This sentiment echoes the historical trend where previous halvings have catalyzed bullish rallies in the price of bitcoin.
bitcoin Halving Countdown and Price Trajectory
The bitcoin halving, which will occur in less than 100 days, is a pivotal event in the world of cryptocurrencies. This process occurs approximately every four years and the reward for mining bitcoin blocks will be halved.
Historically, this reduction in supply has led to price increases, and the previous halving in 2020 resulted in a 401.1% increase in the price of bitcoin, according to CryptoRank.io. The anticipation of a similar price boom is palpable as the crypto community closely watches the countdown to this important event.
Less than 100 days left until bitcoin halving
In just 14,117 blocks, bitcoin?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#bitcoin will reach the next milestone: the block reward will be reduced by 50%. This event could be another catalyst for $btc price growth.
Nearly 79% of CryptoRank Users Are Optimistic btc?src=hash&ref_src=twsrc%5Etfw” target=”_blank” rel=”nofollow”>#btc halve! To do… pic.twitter.com/R9442lfDEF
—CryptoRank.io (@CryptoRank_io) January 15, 2024
Despite the optimistic sentiment towards the halving, bitcoin's recent price action tells a different story. Following the initial excitement surrounding the launch of bitcoin spot ETFs, bitcoin has been experiencing bearish price action.
In the last week alone, the cryptocurrency saw a drop of almost 10%, eroding its gains following spot ETF approvals. This price action suggests a cooling of enthusiasm for spot ETFs and a period of consolidation in the absence of significant news or developments.
However, bitcoin currently sits above the $43,000 mark, showing a minor recovery in the last 24 hours with an increase of 1.8%.
btc price prediction
This current price movement has not affected the long-term bullish outlook of many analysts. Figures like Ash crypto, a notable voice in the cryptocurrency trading community, recommend a long-term perspective.
Ash crypto's has recently shared an analysis that draws parallels between bitcoin and gold, suggesting that if bitcoin emulates the post-gold ETF market cap surge, it could reach or even surpass half of gold's market cap. Such a scenario could push the price of bitcoin to an estimated $500,000 in the coming years.
Additionally, Ash crypto highlights bitcoin's potential impact on traditional financial markets, pointing out the immense global stock and bond market capitalizations.
As btc continues to gain legitimacy as a financial asset, it could capture a substantial portion of these traditional market caps. This change aligns with a new generation of investors who see bitcoin as a new investment opportunity.
bitcoin is going to reach $500,000 after the
Spot ETF is approval. Here is the
evidence –When the Gold ETF was approved, it is
mcap was around 2 billion dollars. After
Gold ETF saw huge liquidity inflows
and reached 16 billion dollars in a few years.
(Don't forget that the supply of gold is not fixed,
us… pic.twitter.com/uE6XKkHWtU– Ash crypto (@Ashcryptoreal) January 14, 2024
Featured image from Unsplash, chart from TradingView
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