The performance of top cryptocurrency by market cap, Bitcoin is still up to expectations as an amazing fact about its recent price activity has come to light. Recent stats have revealed that the price activity of the top crypto asset is on par with that of the previous halving. The asset seems wrapped in a cycle as it seemed to be back to where it was before the past halvings.
When Bitcoin fell in the march 12 market carnage, the cycle rounded it back to where it was before the 2016 halving.
On March 12, the crypto market saw a bloodbath which pushed Bitcoin from its key levels of $7,700 to hit a bottom of $3,800. Ahead of Bitcoin’s halving event scheduled on the 630,000th block which has a likely calendar date of May 11th, concerns have arisen as to if Bitcoin bulls may take a dash as with previous halvings considering its march 12th brutal crash.
As of the moment, Bitcoin is trading at $6,780 price level.
Looking at Bitcoin’s market activity in the last two years, the asset has undergone series of bearish downturns which shed almost 84% off its all-time high of $20,000 as it hit a bottom of $3,800 in the March 12th market carnage.
The crypto market which is often seen to follow in tandem with Bitcoin price activity had almost 90% shed off crypto asset prices in the last two years.
From the $3,800 bottom to where Bitcoin price sits at the moment is almost a 120% jump, replaying back to the same timeframe in the previous cycle, barely a month away from the last halving, BTC price was trading at 120% above where the bottom was set earlier.
The fact that the march 12 market carnage rounded back the hands of the clock to the past halving has given credence to the possibility of a bull streak after this upcoming halving.
After 2016 halving, Bitcoin price grew exponentially from $500 to close to $5,000 and then went to hit its all-time high of $20,000. If history repeats itself, BTC may trade as high as $300K. This is however unlikely as the percentage of price gains seemed to drop in comparison with the previous halving.
BTC ‘s halving has been noted as the catalyst for its exponential price hikes in the past while reduced supply weighs on its price with an imbalance of supply and demand resulting in an exponential price hike. Analyzing the past two halvings, Bitcoin price grew until it peaked and then a fresh cycle kickstarts.
In the news recently, a Bitcoin address moved 146,500BTC in just one transaction, which amounted to an estimated $1 billion. The significance of this transaction is that it was quite short as it took few dozen minutes to be completed and had a transaction fee of just 0.0001BTC, or approximately $0.70 when matched with BTC’s recent price.
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