- A leading data provider, Glassnode, made a significant discovery narrowing down the date of Bitcoin’s upcoming halving event to April 23, 2024.
- With two major events on the horizon in 2024, it’s interesting to see which one will act as a catalyst for Bitcoin’s rise.
- Glassnode’s precise projection of the halving date adds a new dimension to the evolving story of Bitcoin, intensifying expectations around this significant event.
Glassnode published its reviews on when the halving event will take place: How will the halving performance be?
Bitcoin Halving Countdown Continues
A leading data provider, Glassnode, made a significant discovery narrowing down the date of Bitcoin’s upcoming halving event to April 23, 2024. Using a meticulous analysis based on the average block interval over a 14-day window, Glassnode calculated that this important event would take place approximately 130 days from now. Following Matrixport’s $45,000 prediction coming true, it is now time for Glassnode’s perspective on Bitcoin’s price and how the market will move with the entry of major bulls into the crypto scene.
With two significant events on the horizon in 2024, it’s interesting to see which one will act as a catalyst for Bitcoin’s rise. The potential approval of upcoming ETFs could inject new momentum into the market, but overall market dynamics may influence its longevity. While the crypto community eagerly anticipates this upcoming halving, experts warn against attributing Bitcoin’s price increases solely to these cyclical events.
However, past scenarios, particularly the rise to $69,000 post the 2020 halving, have been shaped by multifaceted factors beyond planned events. Factors like the impact of the U.S. Federal Reserve’s pandemic-era monetary policies, Tesla’s dramatic entry into Bitcoin, and Elon Musk’s statements and subsequent retractions regarding Bitcoin have played decisive roles.
Tesla’s entry into the crypto space, initially with a $1.5 billion investment and acceptance of Bitcoin for Tesla purchases, followed by the sudden suspension of Bitcoin payments due to environmental concerns, added complexity to Bitcoin’s narrative. The significant reduction in Tesla’s Bitcoin holdings, currently holding less than 10,000 BTC, reshaped perceptions about Bitcoin’s stability and future potential. Meanwhile, MicroStrategy signaled a new rally by adding more Bitcoin to their portfolios.
While Bitcoin’s halving undoubtedly plays a significant role in the deflationary model, the intertwined effects of global financial policies and corporate decisions provide a more nuanced perspective on Bitcoin’s price trajectory. Glassnode’s precise projection of the halving date adds a new dimension to the evolving story of Bitcoin, intensifying expectations around this significant event.
Current Status of Bitcoin
Bitcoin faced a hurdle in its recent rally last week, hovering around $42,000. After a sharp 10% decline, Bitcoin swiftly moved from $40,000 to $43,000, completing the week around $41,500. Despite the rally starting with the Federal Reserve maintaining a dovish tone and a weak dollar leading to a rebound, the rally was short-lived. Following Bitcoin’s massive 65% surge, on-chain analyses revealed significant sell-offs by major investors, with over $860 million flowing into crypto exchanges, signaling profit-taking after Bitcoin’s rally.
