-49% p.a.
bt_headshoulder_sharpeopt_mixed
Introduction to our strategy no description yet Quick Summary Metric Value Return % p.a. -49 Days active 492 …
tickers: BTC-USD
source: Benzinga
tickers affected by this
| ticker | polarity | why? |
|---|---|---|
| BTC-USD | positively | The upcoming Bitcoin halving event, combined with the approval of spot Bitcoin ETFs and increased on-chain activity, may positively impact the BTC-USD ticker as market dynamics evolve and investors show interest in hedging against inflation concerns. |
our strategies and bots using these tickers
summary
Bitcoin Halving ‘Actually Different This Time,’ Says Grayscale: ‘Sellers Show Their Hand’ At $48K
February 12, 2024 11:23 AM
A recent report from Grayscale Investments, the world’s largest crypto asset manager, indicates that the upcoming Bitcoin halving event holds unique characteristics that differentiate it from previous instances.
The report highlights that the approval of spot Bitcoin exchange traded funds (ETFs) and the surge in on-chain activity have significantly impacted the cryptocurrency market, fostering mainstream adoption and potentially mitigating selling pressure. ETFs have quickly risen to the top of asset inflows charts, securing a position among the Top 25 Global ETFs within a month of their introduction.
The rise in on-chain activity has been notable, with over 59 million NFT collectibles inscribed, generating more than $200 million in transaction fees for miners. Grayscale foresees this trend continuing as a result of increased developer interest and ongoing innovations on the Bitcoin blockchain.
Miners, in anticipation of the halving event, have taken strategic steps to fortify their positions by raising funds through equity or debt issuances and selling reserves. Historically, positive macro-economic events coinciding with previous Bitcoin halving events, such as the European debt crisis in 2012 and the COVID-19 pandemic stimulus measures in 2020, have attracted investors to Bitcoin as a hedge against inflation concerns.
As the cryptocurrency market gears up for the halving event, analysts foresee potential challenges for Bitcoin to surpass the $48,000 mark. Lambda, a digital markets research agency, points out that sellers are exerting pressure around the $48-50K range, potentially signaling a dearth of buyer interest at these levels, as reflected in the order book heatmap.
Crypto investor Matthew Hyland emphasizes the significance of Bitcoin maintaining support above $44,000, cautioning that a weekly close below this level could have adverse implications. Chart analyst Ali Martinez suggests a possible brief correction, with the next major resistance level for Bitcoin identified at approximately $57,000.
With approximately 67 days remaining until the halving event, price predictions vary among experts, with some foreseeing all-time highs for Bitcoin, while others remain open to correction, rally, or market peak scenarios. This forthcoming halving will mark the fourth occurrence since Bitcoin’s inception in 2009, following previous events in 2012, 2016, and 2020.
The evolving landscape of the cryptocurrency market, coupled with the unique circumstances surrounding the current halving event, sets the stage for an intriguing period of price movements and market dynamics as market participants navigate the intricacies of Bitcoin’s supply dynamics.
This article is for informational purposes only and does not constitute financial advice.
