Various cryptanalysts have weighed in on when the next bull run is likely to begin. Most of them pointed out bitcoin Halving as what will trigger this next cycle. Taking this into account, bitcoin-news/bitcoin-top-glassnodes-price-multiplier-model/” rel=”nofollow noopener” target=”_blank”>cryptanalysis company Glassnode has provided information on when to expect the next bull market.
bitcoin Halving Now Within 100 Days
in a mail on its X platform (formerly Twitter), Glassnode estimated that the Halving event is now bitcoin-news/anticipation-peaks-as-bitcoin-halving-countdown-drops-below-100-days-will-prices-skyrocket/” rel=”nofollow noopener” target=”_blank”>100 days away based on your calculation using the current average block interval. They highlighted how the fourth halving it is defaulted to occur at block height 840,000. However, the exact date cannot be determined due to the “natural variability and probabilistic nature of mining blocks.”
The reason why These analysts predict That the bitcoin Halving could usher in the next bull run is far-fetched. Historically, btc price It is known to have increased significantly before and after each halving. During the last one, which took place in 2020, btc rose 17% in the weeks leading up to the event and another 559% the following year.
Hinting at how the next halving could spark the next bull run, Delphi Digital co-founder Kevin Kelly noted that the last two halvings occurred seven months before bitcoin reached a new all-time high (ATH). Jan3 and Bitcoiner CEO Samson Mow also bitcoin/bitcoin-to-reach-1-million/” rel=”nofollow noopener” target=”_blank”>recently alluded to to this Halving event as one of the catalysts that will cause btc to rise to $1 million.
Meanwhile, a Glassnode report that was published last year also highlighted how the bitcoin halving was of great interest, considering that it appears to be the “main driver of these price appreciation cycles” or at least one of many factors. In the report, they also addressed how distribution pressure from miners could be reduced after the halving.
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Don39t-worry-about-Bitcoin-Glassnode-predicts-when-the-bull-market" alt="Tradingview.com bitcoin Price Chart” width=”3266″ height=”1530″/>
btc price recovers to $41,400 | Source: BTCUSD On Tradingview.com
bitcoin Halving Another News Selling Event?
Considering the effect that Post-Spot bitcoin ETF Approval has had on the price of bitcoin and the crypto market in general, it is not out of place think that the halving event could have a similar effect. This is even more true considering that investors are known to accumulate money ahead of the event in anticipation of price gains.
However, bitcoin Halving is a completely different event from the approval of bitcoin spot ETFs, as the former goes to the root of bitcoin tokenomics. The Halving event turns out to be a deflationary measure that helps control the crypto token supply. Miner rewards are halved, meaning the rate at which more btc enters circulation will be reduced.
This fact, along with the supply and demand dynamics, suggests that history will surely repeat itself with significant gains in the price of bitcoin after the halving. It is also worth mentioning that the btc demand will surely increase with increasing institutional adoption. As the flagship crypto token rises, the overall crypto market is expected to follow in the same direction.
Featured image from The Guardian, chart from Tradingview.com
