Bitcoin's progress slows down: what triggers the halving impact?
In a recent development, the anticipated addition of 9,000 Bitcoin to the system over a ten-day period following the Bitcoin halving event has been revised. Instead, only 4,500 Bitcoin are now being added, according to recent data. This difference becomes more pronounced over time, with a gap of 90,000 Bitcoin expected versus the actual 45,000 Bitcoin added after a hundred days.
The gradual impact of Bitcoin's halving events is a topic explored in depth in the latest Bitcoin Report. The report explains that the effect of the halving becomes more significant as time passes. However, the statistical significance of this impact is not immediately apparent, with experts suggesting that it may not be noticeable until 100 days after the event, which is expected to be this summer.
In the current market environment, Hedge fund manager Raoul Pal refers to the conditions as the "Bananazone," implying a potential medium-term opportunity for Bitcoin. Meanwhile, our Bitcoin Report delves into the macroeconomic landscape, providing insights as to why this bull market is far from over.
Elsewhere, the Relative Strength Index (RSI) for Bitcoin is slowly returning to neutral territory. The RSI currently stands at 64 out of 100, a sign that Bitcoin may not be significantly overbought or oversold at the moment. It's worth noting that when RSI values are low, Bitcoin is considered oversold, making a trend reversal more likely.
The Bitcoin Buying Guide is now available for those interested in learning more about investing in Bitcoin. However, it's important to note that external factors such as global economy and regulation can influence the timing and magnitude of price increases following a halving event.
Dr. André Dragosch, Head of Research at ETC Group, echoes this sentiment, stating that the effect of the Bitcoin Halving is not immediately noticeable from an economic perspective. This is because such halvings often lead to initial volatility and miner consolidation, which can cause short-term price softness. Significant price increases from past halvings typically materialize months to years after the event as supply scarcity impacts the market and investor sentiment shifts.
In conclusion, the Bitcoin halving event is a significant milestone in the digital currency's lifecycle, but its full impact may not be immediately apparent. As always, it's crucial for investors to stay informed, understand the market dynamics, and make informed decisions based on reliable data and insights.
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