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Analyst Says Bitcoin Halving Influence Is No Longer Driving Price, Here’s What Is

by n70products
April 11, 2024
in Bitcoin
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Analyst Says Bitcoin Halving Influence Is No Longer Driving Price, Here’s What Is
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Analysts from CryptoQuant have revealed that the affect of the 2024 Bitcoin halving on the worth of BTC has notably diminished. In response to the crypto analytics agency, the highly anticipated halving event is not the important thing driver for a bullish momentum in BTC. 

Bitcoin Halving Results On Costs Is Fading

CryptoQuant wrote in a latest analysis report that the upcoming Bitcoin halving event scheduled this April might not ship the specified price shock anticipated by most crypto analysts and buyers within the area. 

In response to the analytics agency, the affect of the Bitcoin halving occasion has been dwindling over time, with the worth of the cryptocurrency and a potential bullish rally being pushed by a brand new change in market dynamics.

Notably, CryptoQuant disclosed that the demand from long-term and large-scale investors, whales, has turn out to be one of many main components pushing the worth of BTC upward. The Head of Analysis at CryptoQuant, Julio Monero disclosed on Tuesday, April 9, that the demand for Bitcoin from permanent holders has lately outpaced issuance for the primary time in historical past. 

In its report, CryptoQuant additionally highlighted an 11% month-on-month improve in large-scale Bitcoin investors holding between 1,000 to 10,000 BTC, reaching unprecedented ranges. This elevated demand is in sharp distinction with BTC’s provide dynamics and is poised to extend additional after the halving occasion concludes. 

At the moment, long-term Bitcoin holders are accumulating extra tokens than the brand new buyers getting into the market. CryptoQuant revealed that everlasting holders have additionally been including as a lot as 200,000 BTC to their portfolio each month whereas long-term holders are amassing seven occasions extra BTC per 30 days. 

“We argue that the impact of the halving has been diminishing, as the brand new issuance of Bitcoin will get smaller relative to the quantity of Bitcoin promoting from long-term holders,” the analytics agency wrote. 

Analysts Stay Optimistic About Halving Affect

Regardless of CryptoQuant’s report on Bitcoin’s provide and demand dynamics, quite a few analysts nonetheless anticipate a major uptick in Bitcoin’s worth following the halving event. Analysts like Joe Consorti have predicted BTC’s worth to rise to $100,000 following the Bitcoin halving. Moreover, he has expressed optimism a few potential bullish rally for the cryptocurrency throughout this era.

Furthermore, resulting from historical trends revealing a correlation between the Bitcoin halving occasion and a worth surge for the cryptocurrency, varied crypto buyers have predicted the same bullish outlook for the cryptocurrency this 12 months. 

Just lately, open interest in Bitcoin surged to new all-time highs above $18 billion. This improve means that merchants and buyers are nonetheless bullish on Bitcoin’s future worth, seeing any worth dips as buying opportunities earlier than a possible rally. 

Bitcoin price chart from Tradingview.com

BTC bulls lose out to bears | Supply: BTCUSD on Tradingview.com

Featured picture from Earth.org, chart from Tradingview.com

Disclaimer: The article is offered for instructional functions solely. It doesn’t signify the opinions of NewsBTC on whether or not to purchase, promote or maintain any investments and naturally investing carries dangers. You’re suggested to conduct your individual analysis earlier than making any funding choices. Use info offered on this web site solely at your individual danger.



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Tags: AnalystBitcoinDrivingHalvingHeresInfluenceLongerPrice
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