At Bitcoin's block height #837188, only 20 days before the fourth halving, the price of Bitcoin broke through the $70,000 mark, and market sentiment changed subtly. Faced with the upcoming halving, investors speculated whether the historical halving would be repeated or a new market narrative would be ushered in. The bulls and bears are engaged in a fierce game.
Tide Capital released the latest research report "Bitcoin Halving: Six Important Views and Judgments" on its official website, detailing the six key clues and judgments that drive Bitcoin prices. The following are excerpts from the research report.
1. Bitcoin: The fourth halving is about to be completed, and annual selling pressure will be reduced by $10 billion
Bitcoin will complete its fourth halving on April 18, 2024. This halving will reduce the block reward from 6.25 bitcoins to 3.125, further reducing the output and selling pressure of Bitcoin. Before the halving, the annual output of Bitcoin was about 330,000. Based on the current price, this will bring more than $20 billion of selling pressure to the market. After the halving, the annual selling pressure of Bitcoin will be reduced by half, equivalent to a reduction of $10 billion, effectively alleviating the selling pressure of Bitcoin.
2. Bitcoin: Three halvings in history have all achieved significant increases
Bitcoin has experienced three halvings in history, in November 2012, July 2016, and May 2020. There were sharp increases in the year after each of these halvings. With less than 30 days until the fourth halving, the market has begun to assess the impact of the halving, so there is a high probability that Bitcoin will continue to fluctuate and rise.
3. Bitcoin: Spot ETF funds continue to flow in, boosting continued upward movement
On January 10, the Bitcoin spot ETF was approved, which has since brought in tens of billions of dollars in OTC funds, boosting Bitcoin's continued upward trend. In the past bull markets, Bitcoin usually experienced multiple pullbacks of more than 20%, but this round of bull market has not seen many pullbacks, and the magnitude is not large, thanks to the continuous inflow of OTC funds.
4. Inscription: Bitcoin’s native innovation, halving is expected to usher in the third wave of enthusiasm
In January 2023, Bitcoin developer Casey Rodarmor released the Ordinals protocol, which allows users to embed data into the Bitcoin blockchain to create NFT and token assets on Bitcoin, opening up a new way of playing in the Bitcoin ecosystem. Inscription has experienced two waves of craze. It is expected that when Bitcoin undergoes its next halving, the market’s focus will return to the Bitcoin ecosystem again, and Inscription will also start a third wave of craze.
5. Runestone: The protocol is expected to be launched at the time of halving, and Runestone is expected to become a core asset
Runes Protocol is an upgraded version of the BRC-20 protocol. It was proposed by Ordinals founder Casey Rodarmor and aims to provide a highly efficient, highly compatible, and highly scalable Bitcoin asset issuance and management framework. It is expected to be officially launched when Bitcoin is halved, becoming one of the mainstream concepts in the halving hype.
6. Meme: Blue-chip NFT mfers issued tokens, with a market value of $200 million in 12 hours
On March 30, Sartoshi, the founder of the blue-chip NFT project mfers, issued the token mfercoin. Due to the spontaneous support and dissemination of the community, mfercoin achieved an amazing growth from 0 to 200 million US dollars in market value within 12 hours. Regarding the future of mfercoin, the mfers community said that 1$mfer=1$mfer.
