Don’t Worry About Bitcoin: Glassnode Predicts When The Bull Market Will Begin
Several crypto analysts have weighed in on when the next bull run is likely to begin. A majority of them pinpointed the Bitcoin Halving as what will trigger this next cycle. With this in mind, crypto analytics firm Glassnode has provided insights as to when to expect the next bull market.
Bitcoin Halving Now 100 Days Away
In a post on their X (formerly Twitter) platform, Glassnode estimated that the Halving event is now 100 days away based on their calculation using the current average block interval. They highlighted how the fourth halving is pre-determined to occur at block height 840,000. However, the exact date cannot be ascertained due to the “natural variability and probabilistic nature of mining blocks.”
The reason why these analysts predict that the Bitcoin Halving could mark the beginning of the next bull run is farfetched. Historically, BTC’s price is known to have increased significantly before and after every Halving. During the last one, which took place in 2020, BTC rose by 17% in the weeks leading up to the event and a further 559% in the following year.
Hinting at how the next Halving could spark the next bull run, Delphi Digital’s co-founder Kevin Kelly noted that the last two halvings occurred seven months before Bitcoin broke to a new all-time high (ATH). The CEO of Jan3 and Bitcoiner, Samson Mow, also recently alluded to this Halving event as one of the catalysts that will spark BTC’s rise to $1 million.
Meanwhile, a Glassnode report that was released last year also highlighted how the Bitcoin Halving was of significant interest, considering how it looks to be the “primary driver of these price appreciation cycles” or at least one of many factors. In the report, they also touched on how distribution pressure from miners could be reduced post-halving.
BTC price recovers to $41,400 | Source: BTCUSD On Tradingview.com
The Bitcoin Halving Another Sell-The-News Event?
Considering the effect that post-Spot Bitcoin ETF approval has had on Bitcoin’s price and the broader crypto market, it is not out of place to think that the Halving event could have a similar effect. This is even more so considering that investors are known to accumulate ahead of the event in anticipation of price gains.
However, the Bitcoin Halving is a completely different event from the Spot Bitcoin ETFs approval as the former goes to the root of Bitcoin’s tokenomics. The Halving event happens to be a deflationary measure that helps control the crypto token’s supply. Miners’ rewards are cut in half, which means that the rate at which more BTC comes into circulation will be reduced.
This fact, coupled with the dynamics of supply and demand, suggests that history is sure to repeat itself with significant Bitcoin price gains post-halving. It is also worth mentioning that the demand for BTC is bound to increase with institutional adoption on the rise. As the flagship crypto token rises, the broader crypto market is expected to follow in the same direction.
Featured image from The Guardian, chart from Tradingview.com
