The Bitcoin halving is one of the most long-awaited events for the entire cryptocurrency industry, with the expectation that the halving will lead to a significant increase in the price of BTC, which is seen as “digital gold”. However, according to some, the mid-halving between the last halving and the next halving, namely the “mid-halving”, may not be very optimistic for the market. Here are the details…
What does the historical data for Bitcoin halving show?
Santiment’s on-chain data stream highlighted every point between halvings the market had already seen. According to the chart, each halving event was marked by a local top price, after which Bitcoin’s value fell until the next halving. As Santiment’s article suggests, the market is standing in front of the next halving correction. The company’s analysis is based on data from previous cycles where BTC struggled to break key resistances, entered a growth phase, and performed generally favorably.
Experts also noted that it remains in the local uptrend that started mid-March. He notes that it is not yet clear whether Bitcoin, the largest cryptocurrency by market capitalization, will follow the same pattern as before. Meanwhile, BTC is changing hands at $46,631, with an increase of 1.3 percent.
Is the halving cycle broken?
As Kriptokoin.com, we previously shared the vision of various Blockchain and crypto money experts on halving events that have had a huge impact on the crypto market before. On-chain analyst Willy Woo stated that halving may no longer have the same impact on the market and industry due to the large institutional inflows we saw in 2021.
According to Woo’s argument, Bitcoin is no longer a purely individual investor asset that is mostly invested by smaller investors. Much of Bitcoin’s price performance is concentrated in the hands of major financial institutions and projects like the Terra Foundation, which has bought $1 billion worth of BTC since January alone. Therefore, with the increasing share of institutional funds in Bitcoin’s circulating supply, halvings may no longer have the same effect.
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