Bitcoin price action is on track for a new all-time high (ATH), new data shows.
A set of price indicators published by on-chain analytics firm Glassnode on April 11 suggests that Bitcoin’s current halving cycle is happening the old-fashioned way.
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With BTC up more than 70% in 2023 and away from its November 2022 low of $15,600, analysts are looking at the role of next year’s block reward halving.
The upcoming halving will reduce the amount of miner rewards per block from 6.25 BTC to 3.125 BTC, so it will reduce issuance as before.
As a result, many are betting that the impact on Bitcoin price performance will be the same as previous halvings. Specifically, this event will serve as a springboard for a new ATH.
A review of Glassnode’s metrics highlights the similarities between the current halving cycle and previous ones. Despite the relatively small increase, Bitcoin is trending higher after the bear market bottomed out.
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Price action since the last ATH suggests that the cycle is in the right direction against the historical backdrop.
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At the same time, end analyze Late last month, econometric data sources provided additional insight into recent performance.
They agree that new all-time highs are also on the way, preventing a macroeconomic recession from distorting the roadmap.
“Bitcoin price action suggests a bottom is in place, but with a global recession looming, it’s too early to make assumptions. Economic uncertainty will increase demand for safe havens, but bitcoin still trades very much like a risk asset .”
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Belief that the 2024 halving cycle will continue the good times is reportedly meaningless amid the recent bear market.
Filbfilb, co-founder of the DecentTrader trading suite, recently highlighted that the next cycle ATH will come in 2025, with a BTC price around $180,000.
He noted that over time, Bitcoin’s returns will have a “diminishing effect” — a relatively small percentage gain per cycle.
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As reported by Cointelegraph
