After facing a correction in the past few days, the cryptocurrency market is again gaining a bullish trend with an indication of continuing the optimistic move.
Bitcoin has currently rebounded above the $46,000 level and is trading at $46,965 with an increase of 1.59% over the last 24hrs. With Bitcoin mid-halving around the corner, the BTC price is expected to see further gains.
Bitcoin Mid-Halving Indicates Price Upswing!
One of the most significant events in Bitcoin’s life cycle is Bitcoin halving which happens every four years and this halving reduces the BTC supply in half fueling the price rally. However, the mid-halving is an event that happens between the previous and upcoming Bitcoin halving. This event is scheduled for next week on April 11, 2022.
Today, Santiment, an on-chain analytics firm posted on Twitter regarding Bitcoin mid-halving saying that once the Bitcoin halving happens, usually Bitcoin price reaches an all-time high within 515-545 days of the event. Once Bitcoin price reaches an all-time high, the price decreases until the mid-halving correction point, and from this correction, the price enters a bearish market.
Interestingly, during the last Bitcoin halving in May 2020, within 518 days of the event, the Bitcoin price reached $68,789. Since the time the flagship currency reached this level, it has gradually declined, correcting between the $35,000 to $45,000 range. At present, the BTC price is facing strong resistance at $50,000 amidst the mid-halving event scheduled on April 11.
Bitcoin Circulating Supply Surged By 90%
As per the recent data, Bitcoin’s circulating supply has hit 90% as the BTC supply has surpassed 19 million. According to on-chain data, the Bitcoin cycle is different from the previous cycles because during the previous bitcoin mid-halving, the daily active addresses accounted for 600k and now it’s almost 900k.
Hence, this Bitcoin cycle is going to be a different one amidst whale accumulation and Bitcoin adoption.