CryptoQuant analysts have revealed that the influence of crypto-predictions-following-the-bitcoin-halving-in-april-2024/” rel=”nofollow”>bitcoin Halving in 2024 on the price of btc has decreased noticeably. According to the cryptanalysis firm, the bitcoin-halving-questioned-by-this-expert/” rel=”nofollow”>highly anticipated halving event is no longer the key factor for btc's bullish momentum.
bitcoin Halving Effects on Prices Are Fading
bitcoin-top-cryptoquant-suggests-bearish-turn-btc/” rel=”nofollow”>CryptoQuantum wrote in a recent research report that the next bitcoin-halving-could-bring-uncertainty-to-mining-industry/” rel=”nofollow”>bitcoin Halving Event scheduled for this April may not offer the desired result bitcoin-halving-and-spot-etfs-the-impending-btc-supply-shock/” rel=”nofollow”>price shock expected by most crypto analysts and investors in the space.
According to the analysis firm, the influence of the bitcoin halving event has been decreasing over time, with the price of the cryptocurrency and a bitcoin-rally-already-over-hodlers-dont-think-so/” rel=”nofollow”>potential bullish rally driven by a new change in market dynamics.
In particular, CryptoQuant revealed that long-term demand and bitcoin-whales-amass-historic-holdings/” rel=”nofollow”>large scale investors, whales, has become one of the main factors driving the price of btc upward. CryptoQuant's Head of Research, Julio Monero x.com/jjcmoreno/status/1777537392036966485?s=46″ rel=”nofollow”>revealed on Tuesday, April 9, that bitcoin demand from bitcoin-long-term-holder-supply-ath/” rel=”nofollow”>permanent holders It recently surpassed broadcast for the first time in history.
In its report, CryptoQuant also highlighted a large-scale 11% month-on-month increase. bitcoin-whales-7-billion-shopping-spree-new-ath/” rel=”nofollow”>bitcoin Investors with between 1,000 and 10,000 btc, reaching unprecedented levels. This elevated demand is in stark contrast to btc supply dynamics and is set to rise further once the halving event concludes.
Currently, in the long term bitcoin-bullish-signal-inflows-hodler-wallets-ath/” rel=”nofollow”>bitcoin holders They are accumulating more tokens than new investors entering the market. CryptoQuant revealed that permanent holders have also added up to 200,000 btc to their portfolio each month, while long-term holders are accumulating seven times more btc per month.
“We argue that the halving effect has been diminishing, as new issuance of bitcoin becomes smaller relative to the amount of bitcoin sold by long-term holders,” the analytics firm wrote.
Analysts remain optimistic about halving influence
Despite CryptoQuant's report on bitcoin supply and demand dynamics, numerous analysts still expect a significant rebound in bitcoin price after the bitcoin-halving-supply-shock-significant-heres-why/” rel=”nofollow”>halving event. Analysts like Joe Consorti have predicted that the price of btc will rise to $100,000 following the bitcoin halving. Furthermore, he has expressed optimism about a possible bullish rally for the cryptocurrency during this period.
Furthermore, due to bitcoin-this-level-could-trigger-a-rally-analyst/” rel=”nofollow”>historical trends Revealing a correlation between the bitcoin halving event and a cryptocurrency price surge, several cryptocurrency investors have x.com/cryptojellenl/status/1777952614174380211?s=46″ rel=”nofollow”>foretold a similar bullish outlook for the cryptocurrency this year.
Recently, bitcoin-open-interest-all-time-high-btc-72000/” rel=”nofollow”>open interest in bitcoin reached new all-time highs above $18 billion. This rise suggests that traders and investors remain optimistic about the future value of bitcoin, considering any price drop as purchasing opportunities before a possible rebound.
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btc bulls lose out to bears | Source: BTCUSD on Tradingview.com
Featured image from Earth.org, chart from Tradingview.com
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