As Bitcoin approaches the anticipated halving in April 2024, it grapples with maintaining stability around the $42,000 mark, experiencing a 2% decline in the past 24 hours.
Analyst Ali Martinez outlines four crucial points to consider leading up to the event.
Firstly, historical data reveals post-halving corrections, with 30% and 7% downturns recorded within a month following the halvings in 2016 and 2020, respectively.
As we approach the #BitcoinHalving in April 2024, here are four key points to consider:
1⃣Post-halving corrections: After the 2016 and 2020 halvings, #BTC experienced corrections of 30% and 7% within a month.
2⃣Significant post-halving rallies: Following the 2012, 2016, and 2020… pic.twitter.com/aaJpJcZtAm— Ali (@ali_charts) January 31, 2024
Historically Percentage Gains During Bitcoin Halving Event
Secondly, significant post-halving rallies have been observed. After the halvings in 2012, 2016, and 2020, Bitcoin witnessed increases of 11,000%, 2,850%, and 700%, respectively.
Moreover, the durations of bull markets following each halving have been notable. Lasting 365 days, 518 days, and 549 days, these periods signify the enduring impact of halving events on market dynamics.
Looking ahead, analysts speculate on the timing of the next market peak. If historical trends persist, April or October 2025 could potentially mark the culmination of the next Bitcoin market cycle.
In recent on-chain developments, data indicates that 8 ETFs collectively added 10,733 $BTC ($459.6M). Notably, iShares (Blackrock) contributed 6,859 $BTC ($293.7M), while Grayscale deposited 2,682 $BTC ($114.43M) to Coinbase Prime once again.
Jan 31 Update:#Grayscale decreased 4,461 $BTC($191M).
8 ETFs added 10,733 $BTC($459.6M), of which #iShares (#Blackrock) added 6,859 $BTC($293.7M).https://t.co/UR9hwOFR9i pic.twitter.com/xAOdSrl1U5
— Lookonchain (@lookonchain) January 31, 2024
Grayscale’s ongoing activity underscores its commitment to the crypto market, having deposited 126,764 $BTC ($5.22B) to Coinbase Prime since the ETF’s approval, reflecting a significant influx of institutional investment in Bitcoin.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @themerklehash to stay updated with the latest Crypto, NFT, AI, Cybersecurity, and Metaverse news!
Image Source: suprunovich/123RF // Image Effects by Colorcinch
