Interest in the upcoming Bitcoin halving has once again spiked, as the halving is only four days away. The halving event is easily crypto’s biggest network event and should see prices skyrocket.
According to Google Trends information, searches for the word “halving” have spiked and are at least five times the level where it was back in 2016 when Bitcoin underwent its second network halving.
At the moment, Bitcoin is now $9,968.53 and is on its way back to $10,000. It earlier crossed the mark but corrected a bit. The general Bitcoin community currently expects Bitcoin to pass back over $10,000 very soon. Bitcoin has now put on gains of about 39% in 2020 alone.
According to crypto metrics service Glassnode, the number of active entities on the Bitcoin network is now the highest since the 2017 bull run. Glassnode defines an entity as “a cluster of addresses that are controlled by the same network entity and are estimated through advanced heuristics and Glassnode’s proprietary clustering algorithms.”
Crypto analysts currently believe that the spike in price is typical of increased demand expected as the halving approaches.
Binance CEO Changpeng Zhao has also said Fear of Missing Out (FOMO) has set in. FOMO will continue as many people buy into the market, hoping to make huge profits.