Bitcoin’s All-Time High Could be on the Horizon

Posted on by Dennis Gatheca
Bitcoin
Estimated read time 2 min read
  • According to NiceHash, The fourth Bitcoin halving will be taking place on December 2023.
  • Analysts and experts predict the onset of yet another bearish season for Bitcoin.

Bitcoin is about to get its mojo back after spending a great deal of time in pessimism. This is after the crypto gladiator, Bitcoin, reported massive gains of up to 12% over the past week.

In the serenity of the next bull run, startling news cropped up. The fourth BTC halving is just one year and 157 days away from happening. The fourth Bitcoin halving that was initially scheduled to happen in 2024 is a milestone closer than the originally set date.

NiceHash, a cryptocurrency mining platform comes with good tidings. According to NiceHash’s data, the fourth Bitcoin halving is set to take place in just 1year,193 days, and 20 hours from today. This means that the halving is expected to take place in December 2023. Popular crypto influencer, That Martini Guy briefed the community in a tweet.

The Tide is Turning for Bitcoin’s Price

This comes as a healthy sign for the king of cryptocurrency, as historical data show that halvings are followed by major price surges.

Pointing back to 2020’s Bitcoin halving, Bitcoin’s value was  $8,500, but a few months, BTC’s price shot up to over $27,000.  All this seems to be in favor of the buyers in the market but analyses and reports indicate otherwise.

An analyst under the tag Greatest_Trader at cryptoQuant shares his analysis that all roads lead to a possible bear market in the oncoming days.

In his analysis, the author mainly focuses on Binary Coin Days Destroyed metric and points out a pattern that will ruin BTC’s much-awaited bullish trend.

According to the analysis, whenever the Binary Coin Days Destroyed metric registered an uptick, the majority of the time, it was followed by a market crash.

Greatest_Trader explains that the massive rise in the metric, as well as the price, could be the opportune time for long-term holders to distribute their assets as they expand their partitions into the market.

Additionally, Bitcoin’s total exchange outflow decreased considerably in the last few weeks, which means that a bear market is just around the corner.

Well, not all analysts predict a bear market. Moustache, a crypto chartist recently posted a tweet that suggested that brighter days are yet to occur.

 

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Dennis Gatheca

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