Crypto News

Halving: rally or pullback

Until the day when there will be halving Bitcoin, in less than 4 days. The speed of hashing is to every year around 120-125 Eh/s.

The probability that the miners are after the reduction of remuneration for economic reasons will disconnect your machine, and hash rate will fall significantly decreased, along with the impact of miners on lowering the price of the cryptocurrency. This happens because of the reduction in the cost of electricity for the Chinese miners on the part of local authorities.

The sustainability of the network Protocol provided by its Creator, will not be affected, and therefore, on the technical side, everything will be fine.

The behavior of market makers market says preparation for sale.

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The behavior of Bitcoin holders with different amount of coins on the background of the price movement. Source: Santiment

As a result, today’s rising prices on the spot market and testing the psychological level of 10,000, which often started the rally isn’t a surprise.

However, there is another significant difference between the current bullish run and the two previous rally in June 2019 and February 2020 – is the lack of hysteria on the futures market.

As noted in the Twitter Cantering Clark

“The best thing in this whole Bitcoin movement, what he seems to be completely manageable. Basis and funding is negligible. No signs of excessive aggression in relation to the highs, no pain from staying in place for a long time. So far, so good.”

Trading volume on the spot market and the results of queries in Google reflect the exponential growth of interest in Bitcoin halving.

Interest in buying Bitcoin intensified as it approaches halving, however, the situation of COVID-19 and the response of the authorities, periodically reduce the interest in the cryptocurrency. Google trends: “Buy Bitcoin” (red) and “Bitcoin halving” (blue)

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Halving Bitcoin 2020 will be held in completely different market conditions, analysts ‘ opinions about his conduct are far from consensus.

 

Source:

cryptofound.com

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