$150K or $42K? Today is April 1, 204; the Month of Bitcoin Halving.😋
Certainly! Let's explore the differences between the Bitcoin halvings in May 2020 and the upcoming one in month April, specifically focusing on the RSI (Relative Strength Index) and Williams %R indicators for monthly charts.
1. Bitcoin Halving in May 2020:
- Date: May 11, 2020.
- Block Reward Reduction: The mining reward was halved from 12.5 BTC to 6.25 BTC per block.
- Price Impact: Bitcoin's price surged significantly in the months following the halving, reaching an all-time high of $61,300 by mid-March 2021.
- RSI & Williams %R: During this period, the RSI and Williams %R indicators likely reflected bullish sentiment due to reduced supply and increased demand.
2. This Month Bitcoin Halving in April 2024:
- Date: Expected around April 20, 2024.
- Block Reward Reduction: The reward will decrease from 6.25 BTC to 3.125 BTC per block.
- Anticipation: The market is closely watching this halving, expecting a positive impact on Bitcoin's price.
- RSI & Williams %R: As we approach the 2024 halving, these indicators may show similar bullish signals, considering the historical trend despite Williams %R shows already pumped that may affect bitcoin not having good pump after this halving!
In summary, both halvings are significant events that affect Bitcoin's supply and demand dynamics. The upcoming halving this month is anticipated to be particularly consequential, given the changing market structure and increased interest in Bitcoin ETFs.
