Cointelegraph Team
Cointelegraph
Bitcoin (BTC $30,211) price action is right on track when it comes to sealing new all-time highs, new data suggests.
A suite of price metrics from on-chain analytics firm Glassnode released on April 11 hints that Bitcoin’s current halving cycle is playing out in classic style.
BTC price closely resembles prior halving cycles
With BTC/USD up over 70% in 2023 and far from its $15,600 lows in November 2022, analysts are already considering the role of next year’s block subsidy halving.
Set to cut the amount of BTC miners “mint” per block from 6.25 BTC to 3.125 BTC; the upcoming halving represents an emission decrease exactly like others that preceded it.
Bets are therefore increasing over the impact on Bitcoin price performance, likewise copying past halvings, with the event itself acting as a springboard for all-time highs.
A look at Glassnode’s figures underscores the similarities of the current halving cycle to previous ones. Despite comparatively muted gains in percentage terms, BTC/USD is now trending upward following what increasingly appears to be a bear market bottom.
Bitcoin’s price performance since halving. Source: Glassnode
Since its latest all-time high, tracking price action likewise places this cycle firmly within the historical context.
Bitcoin’s price performance since all-time highs. Source: Glassnode
Meanwhile, in an analysis late last month, data resource Ecoinometrics offered additional insight into recent performance.
New all-time highs are also due, it agreed, bar a macroeconomic recession distorting the roadmap.
“Bitcoin’s price action suggests a bottom has formed, but with an impending global recession, it’s premature to assume,” it reasoned.
Economic uncertainty will increase demand for safe havens, but Bitcoin still trades very much like a risk asset.
Bitcoin’s price performance after the third halving. Source: Ecoinometrics
Up only to $180,000?
As Cointelegraph reported, the belief that the 2024 halving cycle will continue the good times has gone nowhere during the latest bear market.
Filbfilb, a co-founder of the trading suite DecenTrader, recently doubled down on his conviction that Bitcoin’s all-time high next cycle will come in 2025 and see a BTC price tag of around $180,000.
He noted that as time passes, Bitcoin price gains will see a “tapering effect” — smaller comparative gains in percentage terms with each cycle.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.
Recommended Content
Editors’ Picks
Crypto Today: Bitcoin is less than 10% away from all-time high as Ethereum ETF approval anticipation brews
Bitcoin trades around $68,000 early on Monday, less than 10% away from its all-time high of $73,777 on Binance. Ethereum ETF anticipation brews among traders and Ether investment products see inflow of over $45 million in the past week.
Ripple lawsuit settlement likely soon, says Brad Garlinghouse, XRP hovers around $0.60
Ripple (XRP) trades around a key psychological level of $0.60, early on Monday. The altcoin recently made headlines for its highest weekly gain of 2024, over 40%. XRP sustained nearly 21% of the gains from the last seven days.
Solana could cross $200 if these three conditions are met
Solana’s total value locked climbs 18% in July to $5.38 billion, as seen on DeFiLlama. Solana sustains over 20% gains in the past seven days, corrects nearly 3% on Monday. Active addresses and new address count in the Solana network have increased throughout July.
ALT, WLD, ENA, ID set for $200 million token unlocks next week
The crypto market is set to experience another wave of token unlocks next week, with Altlayer (ALT), Worldcoin (WLD), Ethena (ENA), and Space ID (ID) set for a combined token unlock worth about $200 million.
Bitcoin: Will BTC continue its bullish momentum?
Bitcoin (BTC) price increased by 5.5% this week until Friday after breaking above a descending trendline. Currently, it is trading slightly higher by 0.23% at $64,166.