The fourth Bitcoin (BTC) halving has finally taken place, marking a significant milestone in BTC’s journey. As a result of the recent halving, the reward has been reduced from 6.25 BTC to 3.125 BTC per block.
Despite the halving, Bitcoin is currently trading relatively flat, exchanging hands at $66,500 levels as of Apr. 23. This represents a 3.5% gain in the preceding twenty-four hours. ViaBTC successfully mined the 840,000th block on the Bitcoin network, which was the halving block. This earned the miner over 40 Bitcoins, equating to more than $2.6 Million in block rewards and fees.
Now that the halving is behind us, it’s time to focus on what lies ahead for Bitcoin. Will its price rally in the aftermath of the halving, or are there factors that could potentially impede upward momentum?
Let’s delve into these questions to gain a clearer understanding of Bitcoin’s post-halving situation and determine where its price might lead in the coming days.
Post Halving: Where Is Bitcoin Heading Next?
The year 2024 has been a promising start for Bitcoin, with a noteworthy increase in its market value. However, the optimism has been somewhat dampened by the recent selling pressure. Financial services company Fidelity has suggested that this selling pressure might be due to miners taking profits in anticipation of the 2024 halving event.
Despite All this, the overall outlook for Bitcoin remains positive, as it is currently trading above its 200-day moving average, and a bullish ‘golden cross’ pattern was formed in late 2023. This pattern indicates a potential upswing in Bitcoin’s market value in the near future, which is good news for investors.
Social dominance and social volume of Bitcoin transactions are crucial indicators of the level of engagement of social media users with the cryptocurrency market. These metrics help in measuring the extent of interest and involvement of users in Bitcoin and other crypto-assets.
The BTC social dominance and social volume charts have shown a notable increase in the past few months. This indicates a growing interest and engagement of social media users with Bitcoin crypto, which can have a significant impact on its long-term growth trajectory. The increasing trend in social dominance and social volume implies a sustained interest in Bitcoin, which could potentially lead to a wider adoption of the cryptocurrency in the future.
What’s Next For Bitcoin: Rise Or Fall Ahead?
Bitcoin prices have typically seen an increase for several months following a halving event. However, this time around, we can expect things to be different due to a few key factors.
One significant difference is the condensed nature of the price cycle surrounding this halving. Bitcoin has already seen significant growth and reached new record highs prior to the halving, setting it apart from previous cycles. This rapid growth path might affect the usual post-halving gains.
Meanwhile, regulatory approvals for Bitcoin investment products, such as spot Bitcoin ETFs, have brought optimism to the market. Recent approval of ETFs in Hong Kong, along with prior approvals in the U.S., has enabled regulated retail investment in Bitcoin, potentially lowering market volatility.
Conclusion
The recent Bitcoin halving has been completed after which the rewards have been reduced from 6.25 BTC to 3.125 BTC per block. Despite this, Bitcoin is currently trading flat, but the overall outlook remains positive.
Social media engagement with Bitcoin has increased, indicating a growing interest in the cryptocurrency. However, post-halving gains may be affected by the condensed nature of the price cycle and regulatory approvals for Bitcoin investment products.
Technical levels
- Support Levels: $61,959 and $57,506
- Resistance Levels: $67,407 and $73,295
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
Source: https://www.thecoinrepublic.com/2024/04/23/bitcoin-price-btc-forecast-trend-outlook-post-halving/