Bitcoin [BTC] halving 2023 and everything latest you need to know
BITCOIN HALVING IS NOW EXPECTED IN DECEMBER 2023This is somewhat of a good signal for the king of all cryptos, as historical data suggests that halvings are followed by major price surges.
For instance, during 2020’s Bitcoin halving, BTC was valued at $8,500, but in just a few months it reached over $27,000. Though the entire picture seems to favor the buyers in the market, a few analyses and reports suggest otherwise.analysisIn his analysis, he focused on the Binary Coin Days Destroyed metric and pointed out a pattern that can ruin BTC’s much-awaited bull rally.
According to the analysis, whenever the Binary Coin Days Destroyed metric registered an uptick, the majority of the time, it was followed by a market crash.Greatest_Trader said, “currently, the metric has experienced a massive rise as well as the price. Long-term holders might find this rebound an excellent opportunity to distribute their assets and manage their exposure to the market.”
Not only this analysis, but quite a few on-chain metrics support the chances of a downtrend in the coming days. For instance, Bitcoin’s total exchange outflow decreased considerably in the last few weeks, which is a bearish signal. Moreover, the RSI and Stochastic were at a neutral position by being close to touching the overbought mark, which might lead to a downtrend soon.However, not everything was against BTC as a few analyses also pointed toward an upcoming surge. Moustache, a crypto chartist recently posted a tweet that suggested brighter days ahead.
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