Bitcoin Halving: Brace for a 400% Bull Run! Get Ready for the Perfect Timing!

"Bitcoin Halving: Uncertainty Surrounds Exact Date and Hour of Highly Anticipated Event"

The highly anticipated Bitcoin halving event, which occurs approximately every 210,000 blocks and reduces the rate of new coin issuance by 50%, is drawing near. However, the exact date and hour of the next BTC halving, scheduled at block height 840,000, remain uncertain due to the natural variability and probabilistic nature of mining blocks. On-chain analytics start-up Glassnode estimates that the halving is 158 days away, or on April 23, 2024, based on the current average block interval.

Investors are particularly interested in the Bitcoin halving, not only because of its technical significance but also due to its potential impact on the market. Historical data shows that all previous halvings have resulted in strong market performance in the year following the event. Glassnode’s on-chain analyst highlights that Bitcoin has delivered an outstanding yearly return profile of over 400% following previous halving cycles. However, it’s important to note that past performance does not guarantee future results.

Despite this disclaimer, Glassnode’s recent analysis suggests a bullish outlook for Bitcoin. The analytics firm has observed a consistent increase in illiquid balances leading up to and during previous halving events. This indicates that investor buy-side activity tends to rise, often surpassing the rate of coin issuance before and after the halving. Currently, the illiquid supply of Bitcoin is expanding at a pace of 180,000 BTC every quarter, which is 2.2 times faster than the rate of issuance. As the halving approaches, the number of newly mined BTC per quarter will be reduced from approximately 81,000 to around 40,000.

Glassnode’s analysis also reveals a significant confluence between various Bitcoin metrics, indicating that the “available supply” of the cryptocurrency is at historical lows. This further supports the notion of increased investor interest and potential market growth in the lead-up to the halving.

It’s important to note that the information in this article was originally published on U.Today and does not constitute financial advice or a guarantee of future market performance.

Martin Reid

Martin Reid

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