Bitcoin halving 2023 and all the latest news you need to know

Bitcoin is back in the limelight. This, after posting promising gains over the past week. Its price has increased by more than 12%.

In the midst of the hype surrounding the upcoming bull run, intriguing information has emerged about the Bitcoin halving. The fourth halving of BTC, initially planned for 2024, will take place now before the expected date.

According to NichHash data, The next BTC halving will take place in a year and 157 days, which means we can now expect the halving in December 2023. Popular crypto influencer That Martini Guy also mentioned this new development in his recent tweet.

This is somewhat of a good sign for the king of all cryptocurrencies, as historical data suggests that halvings are followed by major price hikes.

For example, during the 2020 Bitcoin halving, BTC was valued at $ 8,500, but in just a few months it reached over $ 27,000. While the whole picture appears to favor buyers in the market, some analyzes and reports suggest otherwise.

Not all is well for BTC?

Greatest_Trader, CryptoQuant analyst and author, mentioned in his analyses of a possible bear marketer in the next few days.

In his analysis, he focused on the Binary Coin Days Destroyed metric and highlighted a pattern that can ruin BTC’s long-awaited bullish rally.

According to the analysis, every time the Binary Coin Days Destroyed metric has risen, most of the time, it has been followed by a market crash.

Source: CryptoQuant

Greatest_Trader said: “Currently, the metric has seen a huge increase as has the price. Long-term holders may find this rebound an excellent opportunity to distribute their assets and manage their exposure to the market.”

Not only this analysis, but some metrics on the chain support the possibility of a bearish trend in the coming days. For example, the total outflow of Bitcoin has declined considerably in the past few weeks, which is a bearish sign.

Furthermore, the RSI and Stochastic have found themselves in a neutral position as they are close to touching the overbought sign, which could soon lead to a bearish trend.

Source: Glassnode

However, not all was against BTC as some analysis also indicated an impending surge. Mustache, a cryptocurrency chart, recently posted a tweet suggesting brighter days to come.

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