CryptoQuant analysts have found that there is a strong correlation between the impact of cryptography and the effectiveness of the 2024 Bitcoin halving The price of BTC is down significantly. The crypto-analytics firm claims that BTC’s price has dropped significantly. highly anticipated halving event BTC isn’t the main driver of a bullish movement anymore.
The effect of Bitcoin price halving is fading
CryptoQuant A recent report on research found that the coming Bitcoin halving event The April schedule may not bring the results desired price shock Most crypto analysts and investors are expecting this.
As the analysts firm has noted, over time the effect of Bitcoin halving on the Bitcoin price and cryptocurrency market is diminishing. potential bullish rally Market dynamics are changing, and this is driving the new trend.
CryptoQuant revealed that long-term investors are the main consumers of CryptoQuant. large-scale investors, whalesIt is now one of the main factors driving the BTC price upward. Julio Monero is the Head of CryptoQuant Research disclosed On Tuesday, April 9, the demand for Bitcoin increased. permanent holders Recently, the number of new patents has exceeded that issued for the first ever time.
CryptoQuant’s report also highlights a 11% increase month-on-month in the number of large-scale transactions. Bitcoin investors Holding between 1,000 and 10,000 BTC has reached unprecedented levels. The demand for BTC is at a high level, which is in stark contrast to the supply. This is expected to continue after halving.
Currently, long-term Bitcoin holders CryptoQuant revealed that permanent holders have also been adding as much as 200,000 BTC to their portfolio every month, while long-term holders are amassing seven times more BTC per month. CryptoQuant has revealed that holders of permanent tokens have been adding up to 200,000 BTC each month, whereas long-term holders amass seven times more BTC every month.
“We argue that the effect of the halving has been diminishing, as the new issuance of Bitcoin gets smaller relative to the amount of Bitcoin selling from long-term holders,” This is what the analyst firm said.
Analysts remain optimistic about the reduction of influence
CryptoQuant’s analysis of Bitcoin’s demand and supply dynamics has not deterred many analysts from expecting a major increase in Bitcoin’s value following the release. halving event. Like Analysts Joe Consorti BTC price is predicted to reach $100,000 after Bitcoin’s halving. He has also expressed his optimism regarding a possible bullish rally of the cryptocurrency in this time period.
Moreover, due to historical trends Crypto investors revealed a correlation between a Bitcoin price increase and the halving of the Bitcoin currency. predicted A similar bullish outlook will be seen for the crypto this year.
Recently, open interest in Bitcoin The market cap has risen to new highs of $18 billion. The increase in value suggests traders and investors remain bullish about Bitcoin’s potential, viewing any dips in price as a sign of weakness. buying opportunities It is important to prepare for a rally.
BTC Bulls Lose Out to Bears | Source: BTCUSD on Tradingview.com
Chart from Tradingview.com, image is from Earth.org
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