While bulls point to next year's halving as a bull catalyst, any sizable uptrend is likely contingent on major central banks boosting their year-on-year M2 money supply growth rates, past data show.
, due in April 2024, in hopes it would kickstart a major run higher, living up to its past reputation as a major bullish catalyst.
Traders, however, should note that previous halvings did not necessarily catalyze bull runs single-handedly. Macro likely also played a significant role, mainly in the form of abundant fiat liquidity conditions, according to data tracked by MacroMicro.Reward halving refers to already-programmed code that reduces bitcoin's pace of supply expansion by 50% every four years. The next halving will reduce the per-block reward paid to miners to 3.125 BTC from 6.25 BTC.
Previous halvings happened in November 2012, July 2016 and May 2020, with bitcoin chalking out triple-digit price rallies to new record highs in the subsequent 12-18 months before entering notable downtrends. Those bear markets ran out of steam roughly 15 to 16 months before the next halving. Bitcoin's year-to-date gain of 56% in 2023, marking a recovery from the depth of the past year's bear market, is consistent with the timing of the previous price bottoms.The magnitude of the expected halving-led uptrend has been and will continue to be likely contingent on major central banks – U.S.
The aggregate M2 of the four major central banks represents the total value of their respective fiat currency circulating in the market.The previous post-halving bull runs were characterized by a 6% or higher aggregate M2 money supply growth of the Fed, ECB, BOJ and PBOC. Meanwhile, bear markets coincided with a deceleration in the money supply growth rate.While the total M2 money supply growth rate has turned positive this year, it remains well below the 6% mark.
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Bitcoin price can hit $46K by 2024 halving — Interview with FilbfilbBitcoin has the potential to reclaim $35,000 and higher by the Q1 2024, says Filbfilb in his latest BTC price prediction.
Baca lebih lajut »
Eco-Friendly Green Crypto Alternative To Bitcoin Launches Presale - Unveiling Bitcoin BSC (BTCBSC)Eco-Friendly Green Crypto Alternative To Bitcoin Launches Presale - Unveiling Bitcoin BSC (BTCBSC)
Baca lebih lajut »
Eco-Friendly Green Crypto Alternative To Bitcoin Launches Presale - Unveiling Bitcoin BSC (BTCBSC)Eco-Friendly Green Crypto Alternative To Bitcoin Launches Presale - Unveiling Bitcoin BSC (BTCBSC)
Baca lebih lajut »
Pantera Capital Makes $148,000 Bitcoin Price Prediction, While Bitcoin BSC Hits $100,000 MilestonePantera Capital, a leading name in crypto asset management, recently projected that Bitcoin (BTC) could rise to around $148,000 during its next four-year
Baca lebih lajut »
Bitcoin Spark: The New Cryptocurrency Outshining Bitcoin in SustainabilityBitcoin (BTC) is undeniably the largest and most popular cryptocurrency, but as a first-generation crypto, it has many limitations. Bitcoin Spark (BTCS)
Baca lebih lajut »
Bitcoin bids move to lowest since March as BTC price dips under $25.7KBitcoin bid liquidity on Binance increases at the lowest BTC price point since March.
Baca lebih lajut »