• Sun. Jul 14th, 2024

100-Day Halving Countdown: Glassnode Anticipates Bitcoin Bull Run

Xavier Jackson

ByXavier Jackson

Jan 20, 2024

Glassnode, a leading crypto analytics firm, has recently shed light on the potential onset of Bitcoin’s next bull market, coinciding with the cryptocurrency’s much-anticipated fourth halving event.

With the halving now just 100 days away, Glassnode’s analysis points to this milestone as a key moment, likely to trigger a significant market upswing.

Countdown to Bitcoin’s Fourth Halving

In a recent update on their X platform, Glassnode has pinpointed the upcoming Bitcoin Halving to be just 100 days away. This projection is based on the current average block interval, with the halving scheduled to happen at block height 840,000. However, due to the unpredictable nature of block mining, the precise date remains uncertain.

This upcoming halving has garnered significant attention from analysts who see it as a potential trigger for Bitcoin’s next bull run. Historical data supports this theory, with Bitcoin experiencing substantial price increases surrounding past halvings. For instance, in the 2020 Halving, Bitcoin’s value surged by 17% in the preceding weeks and an impressive 559% in the following year.

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Key industry figures, including Kevin Kelly, co-founder of Delphi Digital, and Samson Mow, CEO of Jan3 and a notable Bitcoin advocate, have echoed similar sentiments. Kelly pointed out that the previous two halvings preceded Bitcoin reaching new all-time highs by seven months. Mow has even suggested that this upcoming Halving could be a stepping stone towards Bitcoin hitting the $1 million mark.

Impact of Bitcoin Halving on Market Dynamics

A report released last year by Glassnode has also emphasized the importance of the Bitcoin Halving, identifying it as a key factor, possibly the “primary driver,” in the cryptocurrency’s price appreciation cycles. Alongside other elements, the halving event is seen as crucial in influencing market trends.

The report also delved into the effects of the halving on miner behavior, particularly noting a likely decrease in distribution pressure from miners following the halving. This reduction in selling pressure post-halving is believed to contribute significantly to the subsequent price increases of Bitcoin.

Halving Event: A Catalyst for Bitcoin’s Tokenomics

The anticipated impact of the Bitcoin Halving on its price and the broader crypto market could be substantial, especially when considering the effects of the post-Spot Bitcoin ETF approval. Historically, investors have shown a tendency to accumulate Bitcoin ahead of halving events, in expectation of price increases.

However, it’s important to note the fundamental difference between events like the Spot Bitcoin ETF approval and the Bitcoin Halving. The Halving event is deeply rooted in Bitcoin’s tokenomics, serving as a key deflationary mechanism. By halving miners’ rewards, the rate at which new Bitcoin is introduced into circulation is significantly slowed down, directly influencing the supply.

This crucial aspect of Bitcoin’s design, paired with the basic principles of supply and demand, strongly suggests that the post-halving period could witness considerable price gains, replicating historical patterns.

Additionally, the increasing institutional adoption of Bitcoin further supports the expectation of rising demand. As Bitcoin continues to ascend, it is likely that the wider cryptocurrency market will mirror this upward trajectory.

Xavier Jackson

Xavier Jackson

Xavier Jackson is a talented and versatile news writer with a knack for delivering compelling stories. With a dedication to accurate reporting and a captivating writing style, his articles provide readers with insightful and thought-provoking perspectives on current events.

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