Leading cryptocurrency Bitcoin While it approached $ 50,000 with the rise that started last week, it is currently showing horizontal movements at the level of $ 48,000.
While this rise makes investors happy, BTCExpectations for further rallies continue.
At this point, a new report came from Glassnode that will make investors happy.
Glassnode, in a recent report He noted that Bitcoin could see a steady price increase following the halving event due to lower selling pressure and new interest in native Bitcoin-based applications.I.
Glassnode analysts stated that Bitcoin’s technical fundamentals and use cases have increased significantly in the past year, which has historically brought the rise compared to previous halving cycles. He said the halving made Bitcoin “stronger.”
“Despite short-term miner revenue challenges, underlying on-chain activity and positive market structure updates make this halving fundamentally different.
Although long heralded as digital gold, recent developments show Bitcoin is evolving into something even more significant.
Historically, the possibility that all newly mined Bitcoins could be sold has brought potential selling pressure to the market, which has affected prices.
Currently, 6.25 Bitcoins mined per block equates to approximately $14 billion annually (assuming a bitcoin price of $43,000). In other words, an annual purchasing pressure of $14 billion is needed to maintain current prices.
However, with the halving, the purchasing pressure requirements will drop to $7 billion annually as the rewards drop to 3.25 Bitcoins per block. This will alleviate the sales pressure experienced after the halving.
As a result, Bitcoin is preparing for a strong rally that will start after the halving.”
Glassnode also noted that halvings make it much more difficult to obtain or mine new Bitcoins, noting that historically halvings have occurred before bull runs.
Bitcoin At the time of writing, it continues to be traded at $48.
*This is not investment advice.
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