The Bitcoin halving event is just hours away, and despite current market volatility, there's a sense of optimism surrounding this pivotal moment in the cryptocurrency world. Historically, halvings have been impactful on Bitcoin's price, with data suggesting positive market reactions and significant rallies following these events.
However, the question remains: Will this trend continue, or will Bitcoin create a new trend this time around? Let's Find outย
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๐ Bitcoin Soar Above STH Whales Priceย
Bitcoin is currently above the STH realized price. This means that short-term holders are currently in profit. The price is way ahove the LTH realized price, which means that long-term holders are currently in huge profits.
This indicates strong demand for Bitcoin. This is because short-term holders are typically more likely to sell their Bitcoin when the price goes down, but they are not selling this time. This suggests that they believe that the price of Bitcoin will continue to go up in the long term.
โก Hong-Kong Approved SPOT BTC & ETH ETF
Hong Kong approves several spot bitcoin ETFs and spot ether ETFs managed by China Asset Management, Harvest Global, Bosera, and HashKey. The asset managers did not disclose the timeline of the launch. Back in 2023, Hong Kong started its crypto licensing regime for crypto trading platforms and granted licenses to HashKey and OSL.ย
โ๏ธ Bitcoin Relative Realized Profitย
As the market reclaimed the 2021 cycle high, the Bitcoin Relative Realized Profit peaked at 1.8%, suggesting 1.8% of the market cap was locked in as profit over a 7-day period. This is significant but remains comparatively lower than the profit-taking intensity during the January 2021 rally (3.0%.)
๐ Market Correction Drawdownย
If we compare the Bitcoin ATH break in prior cycles, it could be argued that current Euphoria phase (market in price discovery) is still relatively young.ย
Previous Euphoria phases have seen numerous price drawdowns exceeding -10%, with the majority being much deeper, with 25%+ being commonplace. The current market has seen just two ~10%+ corrections since the ATH was broken.ย
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The market has a majority of bullish sentiments with some bearish sentiments present as well. However, Bitcoin halving has always been an attention-grabbing event, and most people tend to buy Bitcoin after the halving in euphoria. The after-halving performance of Bitcoin is a testament to that.
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