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With the infamous Bitcoin Halving now less than 8 days away, BTC is approaching the most eagerly anticipated moment in its history, and markets are feeding the excitement after weeks of gains.
Bitcoin is just days away from a historic crossroads this week — what will the coming days have in store for traders and hodlers?
Let’s take a look at the major factors influencing the Cryptocurrency market just over a week before Bitcoin’s third block reward halving.
This immediate 50% drop in supply should have considerable knock-on effects for demand, especially taken against the historical precedent of the previous two halvings.
The impact is neatly summarized by Bitcoin’s stock-to-flow price model, which suggests that major price movements should come 1-2 years after the halving.
Bitcoin continues to exhibit some copycat price behavior which tracks movements on major stock markets.
As of Sunday, futures for the S&P 500 and Dow Jones among others were tanking 3%, which soon translated into a fresh price dip for BTC/USD.
At press time, the pair traded at around $8,700, down 3.7% on the day, having bounced off support at $8,500.
Coronavirus continues to weigh on sentiment, as the United States and China spar over the pandemic’s origins and handling, sparking trade fears.
Bitcoin’s network fundamentals remain on an upward trajectory despite mixed price action.
Hash rate and difficulty are hovering near all-time highs.
The difficulty is set to increase by a modest 1.4% on May 5 and will be the last such increase before the halving seven days later.
The two aspects of Bitcoin go hand in hand for analysts, as Bitcoin’s automatic difficulty adjustment mechanism prevents manipulation of supply rate, regardless of how much BTC is worth in fiat terms.
In other trending Bitcoin News today:
Same Trend That Marked Start of Bitcoin’s $10,000 Run In 2019 Is Back
After a nearly 20% surge last week, Bitcoin’s weekly candle on Sunday evening closed decisively green at $8,900.
This marked the seventh consecutive weekly gain for BTC, which has posted stellar performances ever since the mid-March capitulation lows.
Although the seven consecutive weeks may mean nothing to readers, it is a strong technical occurrence that may signal that even more upside is on the table for the months ahead.
Zack Voell, a market analyst at CoinDesk, recently noted that Bitcoin closing its seventh consecutive weekly gain hasn’t happened since April 2019, when the last bear market ended.
This would suggest that should history repeat itself, the cryptocurrency is on the verge of yet another bull run.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.