Glassnode Predicts Massive Bitcoin Price Rally in Anticipation of Halving Event – Bull Run Expected in 100 Days
Glassnode, a well-known data provider, has revealed new information that narrows down the expected date for Bitcoin’s next halving event. Before diving into the details, it’s important to note the current situation. The recent approval of spot Bitcoin ETFs by the U.S. SEC, combined with the upcoming BTC halving event, has created high expectations and speculation about a potential Bitcoin rally in the crypto market.
Unfortunately, the approval of ETFs initially caused Bitcoin’s price to surge to an impressive $49,000. However, this rally was short-lived, and the price quickly retraced to around $42,000, highlighting the volatility of the crypto space.
Despite this, analysts remain optimistic, even as Bitcoin’s price currently sits at $42,476, representing a 0.46% decrease in the last 24 hours and a 9.56% decline over the past week. The 24-hour trading volume has also decreased by 15.69%, currently standing at $20,397,236,945. If you’re feeling uncertain about these recent fluctuations, Glassnode has some compelling evidence to support why Bitcoin will rally before the halving event, which is only 100 days away.
Glassnode, a prominent analytics firm, has provided an estimate for the Bitcoin halving date, further fueling the excitement surrounding the event. Although the exact date remains uncertain due to the variable and probabilistic nature of mining blocks, Glassnode’s best estimate places the halving roughly 100 days from now. This injects a sense of anticipation into the crypto community.
Bitcoin halving events occur approximately every four years, specifically after every 210,000 blocks. During these events, the reward for miners is halved, reducing it from 6.25 BTC to 3.125 BTC per block. Historically, the halving event has been associated with price surges, as the reduced mining rewards create a de-inflationary pressure on the digital currency. This aligns with Bitcoin’s gradual, de-inflationary approach towards its ultimate capped supply of 21 million coins and contributes to its increasing value over time, assuming the demand for Bitcoin continues to grow.
Given the past patterns of halving events coinciding with significant price rallies, analysts are hopeful that a similar trend will emerge this time.