Bitcoin Miners, Bitcoin Halving Price, and What HODLers Can Expect in 2024

  • A new report suggests that the next Bitcoin halving could lead to a rally
  • However, miners may face pressure as revenue and fees decline

The next bitcoin [BTC] The halving, which is expected to happen in 2024, could positively affect bitcoin holders. According to a new report from my tracks, New bitcoin halving may lead to a Bitcoin rise.

Read Bitcoins [BTC] predict the price 2023-2024

Half full of the cup

Bitcoin halving is an event that occurs when the mining reward for bitcoin transactions is halved. As shown in the image below, the halving has always corresponded to a price hike and a temporary rebound.

While this halving may have a similar effect on bitcoin prices in the future, miners may be affected.

Source: Messari

The Bitcoin reward halving will negatively impact the already suffering mining industry. According to Glassnode, miners’ earnings are at a one-month low writing time.

Fees paid to miners also fell and also reached their lowest level in one month, according to glass knot. This drop in revenue and fees before the halving could pose a serious threat to miners.

For mining to remain profitable, bitcoin prices must soar to new heights.

Source: Messari

We weigh the pros and cons of Bitcoin

At the time of publication, the Bitcoin outlook appears uncertain. The number of addresses containing more than one coin has reached an all-time high of 192,000. This indicates that there is a growing interest in bitcoin from large investors.

Although the headlines have shown interest in Bitcoin, the number of traders dealing with BTC has decreased. As shown in the image below, the number of traders holding a long position on Bitcoin has decreased over the past month.

By November 12, 70% of large traders had bought Bitcoin. Since then, that value has declined, and at the time of writing, the percentage of traders who own bitcoin is 53/19%, according to data from Coinglass.

Source: Coinglass

Another factor that can affect BTC prices is the incentive for short-term holders to sell their positions. In the image below, you can see the increase in the ratio between market capitalization and realized value (MVRV). This means that selling BTC at the time of publication will generate a profit.

Although the long and extremes were not inclined to be short, the tight buy/sell spread suggested that the short holders would benefit from the trade. If the short sellers succumb to the selling pressure, it could lead to a slight drop in the Bitcoin price in the near future.

Source: feeling

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