Bitcoin maximalists believe that the current wave of optimism will keep the king coin in good shape leading to the halving event next year.
The quadrennial occurrence cuts miners’ block rewards in half, eliminating the number of tokens in circulation. Historically, these occurrences have preceded bull markets, thus raising hopes for a 2021-like scenario next year.According to CryptoQuant analyst
, BTC’s price movement at the time of publication was very similar to its trajectory during 2016 and 2020. Maartun predicted that the relative stability would continue until the halving.Apart from the price action, the accumulation activity by long-term holders was also like history repeating itself. Nearly 75% of the supply was in the custody of these diamond hands, akin to the 2016 and 2020 cycles.
As their overall earnings from each block would drop from 6.25 to 3.125, miners would be tempted to use most of their resources to reap the higher rewards until the halving. This, in turn, could push the hash rate even further.Having noted the above patterns, a fascinating new finding came to light. Since the last halving in May 2020, Bitcoin’s supply on exchanges underwent a trend reversal.
At the time of writing, BTC was priced at $27,254, per Santiment data. The positive weighted sentiment underscored the bullish mood among market participants.
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