Bitcoin (BTC) has hit the limelight once more. That comes after the leading crypto recorded impressive gains within the past week. BTC surged over 12% during the timeframe. The intriguing info about Bitcoin halving emerged amidst the talks about the next bullish run.
The 4th Bitcoin halving will happen sooner than the initial plan of 2024. Data from NichHash confirmed Bitcoin’s upcoming halving would occur in the coming year and 157 days. That means we can anticipate the halving come December next year.
‘That Martini Guy,’ a crypto influencer, highlighted the new development through his latest tweet. That means an impressive sign for the leading crypto, with historical data suggesting massive price upticks after halvings.
For example, the 2020 BTC halving found Bitcoin trading at $8,500 before the next few months saw the crypto exploring value areas beyond $27K. Though the broad picture favors buyers within the marketplace, some reports and analyses suggest otherwise.
Not All Lucrative for Bitcoin?
CryptoQuant’s author and analyst Greatest_Trader mentioned a potential bear market during upcoming times. He concentrated on the Binary Days Destroyed index, observing a setup that might ruin Bitcoin’s much-anticipated bullish rally.
The analysis revealed that upticks in the Binary Coin Destroyed metric often welcome a market crash. Greatest_Trader added that the metric saw a massive surge alongside the price. Long-term investors could find this bounce-back a lucrative opportunity for asset distribution and controlled market exposure.
Besides that, some on-chain metrics back the possibilities of downsides within the upcoming days. For example, BTC’s exchange outflow dropped substantially over the past few weeks, indicating a bearish sign.
Furthermore, the Relative Strength Index and the Stochastic stood at a neutral level, nearing the overbought level. And that could welcome downtrends soon. Nevertheless, not everything stood against Bitcoin, as some analyses indicated upcoming surges.
A crypto chartist, Moustache, recently tweeted about a brighter future for the crypto. While publishing this content, Bitcoin witnessed bearishness following the latest upside. The asset dropped 3.85% within 24 hours, changing hands at $21,465 during this writing. Bears have confirmed heightened actions over the previous hour.
