Could Bitcoin Enter a Transition Stage?
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Hello friends, today it could be said that bitcoin could be going through a bullish transition stage where the bulls already have their sights set on the market and begin to gradually raise the price of bitcoin, since they will have a strong fight against the bears.
With the recent news that institutions are interested in buying bitcoin, the bulls have set off their alarms and the bitcoin price rebounded from 24.5k to 30.7k in the last 7 days, waking up the bitcoin market a bit, which was in a long slumber of small dips and small rises since the last bear market.
In the graph that shows insights.glassnode we can see the broad dominance of the bulls in the last 23 years where the price of bitcoin began its bullish rally when it had a value of 0.02 dollars per bitcoin until today that a market price of 29.8k.
Although the bulls have dominated over the years, bitcoin tends to have long periods where the price gradually loses value and when the bullish rally begins, it usually takes a long period of time to reach its previous historical maximum.
But if we analyze a bit and go back in time, bitcoin has increased its value considerably every time a Halving occurs, as we can see in the graph that you show insights.glassnode where in each Halving you can see the rising mountain of the bitcoin price.
It should be noted that the next Halving is scheduled in block 840k and if mining does not have any problem, it could be said that the next Halving would be taking place in April 2024, which is expected to break its own all-time high for bitcoin.
In Conclusion |
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Lots of good news is yet to come for the bitcoin market and we are already about 10 months away from the next Halving, so a big movement is expected when the long-awaited date approaches, although the bulls have been dominating the statistics in the last 23 years there are Keep in mind that there are more than 15 million bitcoins in private wallets that have not been moved to the exchange houses and it is expected that some of these bitcoins will come out in the next bull market.
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The images are screenshots of insights.glassnode