...By Solomon Thomas for TDPel Media.
New data from on-chain analytics firm Glassnode suggests that Bitcoin’s current halving cycle is following a classic pattern for sealing new all-time highs.
With the cryptocurrency up over 70% in 2023 and far from its lows of $15,600 in November 2022, the role of next year’s block subsidy halving is being considered.
Set to cut the amount of BTC miners “mint” per block from 6.25 BTC to 3.125 BTC, the upcoming halving represents an emission decrease like those that preceded it, with the event itself acting as a springboard for all-time highs.
Glassnode’s price metrics underscore the similarities of the current halving cycle to previous ones.
BTC/USD is now trending upwards following what increasingly appears to be a bear market bottom.
Meanwhile, Ecoinometrics’ analysis from last month suggests that new all-time highs are due, bar a macroeconomic recession distorting the roadmap.
As Cointelegraph reported, the belief that the 2024 halving cycle will continue the good times has gone nowhere during the latest bear market.
Filbfilb, co-founder of trading suite Decentrader, recently doubled down on his conviction that Bitcoin’s all-time high next cycle will come in 2025 and see a BTC price tag of around $180,000.
However, as time goes on, Bitcoin price gains will see a “tapering effect” – smaller comparative gains in percentage terms with each cycle.
It is important to note that the views, thoughts, and opinions expressed in the article are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
