Sign Up on MEXC
‘Bitcoin halving’ being ‘priced-in’ is a short-term trend caused to due to hyped sentiments. Google trends data along with price reactions suggest that halving might be an overly hyped incident. Moreover, now with the safe-haven angle in picture, the interest on ‘Bitcoin Coronavirus‘ has taken over halving.
The five year chart of google trends along with price action suggests that while sentiments and online search kept reached it’s peak during ‘halving’ – July 9, 2o16 and dropped almost instantly in the next few weeks. Moreover, the price had already taken a bearish turn weeks before the halving.
Co-incidentally, the small spike in the trend before the moonshot rise coincides with the price peak. Hence, after a certain point, there was an inverse correlation between online sentiments and price.
The ‘google trend’ for the keyword ‘Bitcoin Halving’ seems to be dropping again, which suggests that the bull run in the halving might have priced in. 
Google Trends for ‘Bitcoin Halving’ Keyword
Coronavirus Fear Takes Over Halving Interests
However, a lot of it has to with the fact that the market has now begun to look at the impact of coronavirus on Bitcoin. The organic search interest took over ‘Bitcoin halving’ during the last week of February and is currently leading.
Nevertheless, the over-all average for Bitcoin Halving is greater than the latter.
Moreover, the interest on both the keywords is now seeing a fall this week. While the price has been moved above $9100 after reaching lows below $8500, bulls still face resistance around $9500 and then $10,500 before new highs can be breached.
As for Bitcoin halving being priced, much of it has to do with FOMO and hysteria in the short term. Nevertheless, the periodic nature of it’s occurrence has built significant trends in the crypto-markets.
The price, on the other hand, is usually dominated by futures and perpetual swap market in the short term, and adoption in the long-term.
The recent legalization of Bitcoin in South Korea, coupled with the positive news from India shunning crypto restrictions are strong positive ques for long-term price.
The daily funding rate for Bitcoin on BitMEX has fallen back to 0.03% after reaching to highs around 0.36% in the first two week of February. Looks like, the trader sentiments might be subsiding as well.
Could fresh buyers push this one above resistances? Please share your views with us.
- Peter Schiff Criticizes Bitcoin’s Performance Following Gold’s Rally To New ATH
- Arkham Uncovers $5 Billion in Untouched Bitcoin From Germany’s Movie2K Seizure
- Ethereum Spot ETFs Record $447 Million in Outflows Amid Crypto Market Decline
- World Liberty Financial Discloses Reason for Blacklisting 272 Wallets
- September 50 BPS Fed Rate Cut Odds Climb Ahead of CPI, PPI Data
- HBAR Price Forecast: Analyst Targets 123% Rally as ETF Approval Odds Hit 90%
- Solana Price Prediction: Will Solana Hit $320 as SOL Strategies Gains Nasdaq Approval?
- XRP Price Forecast: Analyst Eyes $127 as BlackRock Joins Ripple Swell 2025
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
