Bitcoin - About 150 Days Before HALVING (BIG PICTURE)
We are going to witness a historical event on Bitcoin very soon, which is Halving. This will be the 4th halving of Bitcoin, which occurs every 210,000 blocks, roughly every four years.
The main reason for this is to control the supply of new bitcoins, ensuring a total of 21 million bitcoins are released gradually over time.
Now, with that being said, we are seeing that historically, we have had some manipulations on the markets a few months before the actual halving (or before). One way or another, people like to manipulate the markets with this historical event, which is of course bullish as the reward for mining a new block is halved, affecting miners profitability from 6.25 BTC per block to 3.125.
Despite the good news to come, we still have 150 days until the actual event happens, which can skyrocket the markets to potential new ATH.
In the current state of the market, we see that prices are heavily overbought (without any reason but with full market manipulation). People are spreading FUD to the markets and many might take advantage of this!
With peoples enthusiasms for the potential new Bull Market to start, people start to FOMO and are looking for any potential way into the markets (without looking for potential risks or better entries)
With that being said, last Halving had a similar turnover, which resulted in a nice drop of -60% of the BTC price, which liquidated the majority of traders from the markets, leaving a good spot to enter for many other traders. We are seeing the same outcome come before Halving 2024.
What do you think about it, guys?
The main reason for this is to control the supply of new bitcoins, ensuring a total of 21 million bitcoins are released gradually over time.
Now, with that being said, we are seeing that historically, we have had some manipulations on the markets a few months before the actual halving (or before). One way or another, people like to manipulate the markets with this historical event, which is of course bullish as the reward for mining a new block is halved, affecting miners profitability from 6.25 BTC per block to 3.125.
Despite the good news to come, we still have 150 days until the actual event happens, which can skyrocket the markets to potential new ATH.
In the current state of the market, we see that prices are heavily overbought (without any reason but with full market manipulation). People are spreading FUD to the markets and many might take advantage of this!
With peoples enthusiasms for the potential new Bull Market to start, people start to FOMO and are looking for any potential way into the markets (without looking for potential risks or better entries)
With that being said, last Halving had a similar turnover, which resulted in a nice drop of -60% of the BTC price, which liquidated the majority of traders from the markets, leaving a good spot to enter for many other traders. We are seeing the same outcome come before Halving 2024.
What do you think about it, guys?
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