Bitcoin halving is one of the most significant events in the Bitcoin life cycle. A bitcoin halving event happens every four years, which reduces the Bitcoin supply in half and causes the Bitcoin price to rise higher. However, the “Bitcoin mid-halving correction” is also an important event between the previous and upcoming bitcoin halving that determines the upcoming price trends. The next Bitcoin mid-halving is scheduled next week on April 11.
On-chain analytics firm Santiment announced in a tweet on April 5 regarding the next Bitcoin mid-halving event on April 11. As per historical data, the Bitcoin (BTC) price usually reaches an all-time high price within 515-545 days after a Bitcoin halving. After reaching an all-time high, the price decreased until the point known as “mid-halving correction,” from which the price goes under a bear market due to a strong resistance level.
Interestingly, it took 518 days for the Bitcoin price to peak at $68,789 since the last Bitcoin halving in May 2020. Since then, the price has gradually decreased to move in correction between the $35,000-$45,000 range. Moreover, the Bitcoin (BTC) price is currently facing a strong resistance level of $50,000 near the mid-halving event on April 11. Thus, the ongoing scenario looks exactly similar to the previous price trends.
Could this push the Bitcoin price to move downwards into a bear market? Or else, the price will rally to stabilize itself above the $50k level, nullifying the historical price trend scenario.
The Bitcoin (BTC) price is currently trading at 46,662, up nearly 2% in the last 24 hours. Moreover, the circulating supply has reached 90%, with the BTC supply surpassing 19 million recently.
On-chain data suggests this Bitcoin cycle is different from its previous cycles. During the previous bitcoin mid-halving, the daily active addresses were 600k, and now it’s almost 900k. Moreover, as per Glassnode, Bitcoin is undergoing a very healthy redistribution of supply due to a decrease in long-term holders and an increase in short-term holders.
Therefore, this bitcoin cycle is going to be different amid whale’s accumulation and record bitcoin adoption.
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