After the fourth Bitcoin (BTC) halving on Saturday, daily production has decreased to approximately 450 coins, equivalent to around $29.7 million. The green light given for spot Bitcoin ETFs in the United States has boosted overall demand. Additionally, recent approval of spot BTC ETFs in Hong Kong suggests that Bitcoin bulls are currently dominating the market.
In addition, nearly every sign suggests that a new record high (ATH) is imminent within the next few weeks.
Bitcoin Network Reorganization
Bitcoin miners have been getting ready for the halving, an event that occurred around a week ago. During this time, the total hash rate decreased from approximately 700 quadrillion hashes per second on April 14th to roughly 595 quadrillion hashes per second by Monday. As the mining difficulty continues to rise, miners worldwide have been forced to upgrade their equipment to keep up.
In recent days, Bitcoin transaction fees have seen considerable fluctuations due to shifts among Bitcoin miners. Over the weekend, the amount paid in fees to miners increased noticeably even as the number of non-zero addresses decreased. Based on data from mempool.space, the current fee for sending Bitcoin using a priority option is approximately $10.18, while the fee for a low-priority transaction is around $8.7.
The amount of Bitcoin paid as fees to miners has risen to approximately 1,258 Bitcoins, but there has been a decrease in the number of new Bitcoin addresses being created, which is now at around 260,838.
— Ali (@ali_charts) April 21, 2024
Surprisingly, bitcoin mining data indicates that miners have been accumulating more coins instead of selling them, even with the changes in their mining equipment. It’s also possible that miners are upgrading their rigs to renewable energy sources due to tax incentives and credits. Additionally, the escalating crisis in the Middle East could lead to higher crude oil prices and increased inflation, affecting fiat currencies.
What Next for BTC Price after Bitcoin Halving 2024
In a first for Bitcoin, the leading digital currency ended the year 2021 at a pivotal point in its bull market during the fourth halving occasion. This development has left many crypto experts optimistic about Bitcoin’s price and the broader cryptocurrency sector. As per a well-known crypto analyst Ali Martinez, Bitcoin’s price is poised for a potential surge of around 70% according to the Market Value to Realized Value (MVRV) ratio.
Significantly, the cryptocurrency expert pointed out that the MVRV ratio fell beneath its 90-day benchmark. In the past, this occurrence has often signaled a good chance for investors to purchase.
Whenever the Bitcoin MVRR (Moving Average Realized Value Ratio) dips beneath its 90-day benchmark, starting from November 2022, this pattern suggests a promising purchasing moment for #Bitcoin, yielding an average profit of approximately 67%!
This opportunity is upon us again, indicating it might be the perfect time to buy $BTC.
— Ali (@ali_charts) April 21, 2024
MikyBull Crypto, a well-known crypto analyst, expressed a optimistic viewpoint, stating that for Bitcoin’s price to continue rising, it needs to regularly surpass its daily moving average of 50. The analyst noted that Bitcoin has been confined to a sideways trend, but the bulls currently hold the upper hand.
Additionally, the RSI’s daily chart shows a breakout from a bullish flag pattern, suggesting further price increases.
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2024-04-22 12:02