- Analysts believe that the bottom of Bitcoin may be near as the history of the halving showed a similar event.
- BTC could still be considered overvalued in the current cycle.
desire for one bitcoin [BTC] A large emission could be considered invalid because there are only days before the end of 2022. For long-term aspirants, this may not be a major concern.
This has been the case ever since a tweet from popular crypto trader Rekt Capital indicated that a “historic comeback” had emerged. According to the analyst, the Bitcoin halving is about 500 days away, and in most cases, this period means the bottom of the king coin.
historically, #BTC It tends to decline 517-547 days before the next halving event
– Rekt Capital (rektcapital) December 22, 2022
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Historical repetition or a path to stagnation?
Bitcoin halving is a four-year event where the reward for bitcoin miners is halved. Next will give a reward of 3.125 BTC. Historically, this event has affected the price of Bitcoin and triggered volatility and Refers to bottoms.
While the next halving will happen in May 2024, the last one of 2018 was a catalyst for a 2019 high of $11,000. But given the current circumstances, does BTC have the potential to repeat history?
some comments From the analyst’s tweet it showed skepticism from investors, with one specifying that BTC was not in a slump like it is now. Meanwhile, positive things are happening on the bitcoin chain. The chain’s lead analyst, Checkmatey, saw long-term shareholder supply as part of a show of confidence.
– _Checkɱate 🔑⚡🦬🌋☢️🛢️ (_Checkmatey_) December 22, 2022
As these holders increasingly held onto their bitcoins, this indicated a potential boost to bull market strength in the long term. However, this will only be the case if the coins remain unused. Meanwhile, some scary charts also threatened to cut the frequency in half.
According to Glassnode data is Modified resting flow unit It rose to 184,991. This metric acts as a ratio to the market cap of Bitcoin in assessing market lows and bullish market expectations.
Since it was a higher trend, it was a long-term general conviction of the bearer as some participated in spending their coins.
here Bitcoin price prediction 2023-24
Long and short, what are the odds?
At press time, Bitcoin is down slightly, changing hands at $16,368, according to CoinMarketCap. At the same time, the market value of the buy/sell difference of realized value (MVRV) showed one Get out of the lowest levels Recorded from the previous week.
However, it was still negative at -28.97%. This means that short-term holders are more likely to make a profit than investors who hold longer at the current price if they sell.
On the other hand, the network-to-transaction (NVT) value with volume was extremely high. Based on Santiment’s data, NVT was 204. It suggested that BTC could still be overvalued at such a high value because network valuation appears to be higher than transaction volume.
So, with all this data and insights, there was no confirmation of the potential bottoming effect of the Bitcoin halving. Whether or not the coin is at the bottom remains an exhaustive debate.