HODL

2024

Bitcoin

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-follows-2020-halving-trend" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Follows 2020 Halving Trend</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/investor-scores-multi-million-dollar-profit-from-timely-bitcoin-trade" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a>‘s price has faced difficulties in surpassing the $69,000 mark, leading to a dip in investor confidence. Nevertheless, the Bitcoin Rainbow chart highlights that BTC is echoing the post-halving trend observed in 2020, hinting at potential future gains. Here are the latest details in the world of cryptocurrency.</p>
<h2 id="significant-developments-in-bitcoin">Significant Developments in Bitcoin</h2>
<p style="text-align: justify">Recently, Bitcoin’s volatility has diminished, posing challenges in breaking past the $69,000 barrier. Despite this, the pattern seen after the 2020 halving suggests that BTC may be in a crucial buy zone. Historical <a href="https://newslinker.co/category/ai/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">data reveals</a> that following the third halving, Bitcoin entered a buy zone on the Rainbow chart and subsequently experienced a notable price surge.</p>
<p style="text-align: justify">The current 2024 Rainbow chart for Bitcoin reflects a similar trajectory, indicating that BTC might once again be in the buy zone. This could present a final opportunity for <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a> to acquire Bitcoin at a lower price before it transitions into higher accumulation and HODL phases. Experts are scrutinizing on-chain metrics to determine if the buying signals suggested by the Rainbow chart are being followed by investors.</p>
<h2 id="observations-on-exchange-outflows">Observations on Exchange Outflows</h2>
<p style="text-align: justify">Recent data shows a decline in exchange outflows since a surge on May 24, with an increase in supply on exchanges suggesting a preference for selling among investors. CryptoQuant’s data indicates high net deposits on exchanges, reflecting heightened selling pressure.</p>
<p style="text-align: justify">A drop in Coinbase Premium points to a dominant selling sentiment among US investors. Additionally, a downward trend in the adjusted SOPR (aSORP) suggests that investors are selling at a profit, possibly indicating a market peak after the recent bull run. The current fear and greed index for Bitcoin stands at 74, signaling the market is in the “greed” phase, which often precedes a price correction.</p>
<h2 id="key-investment-insights">Key Investment Insights</h2>
<p style="text-align: justify">– Bitcoin’s current price struggle mirrors the post-2020 halving pattern, hinting at possible future gains.<br> – The 2024 Rainbow chart suggests BTC is in a buy zone, presenting a potential last low-price buying opportunity.<br> – Increased supply on exchanges and high net deposits indicate a preference for selling among investors.<br> – A drop in Coinbase Premium highlights a prevailing selling sentiment in the US market.<br> – The fear and greed index at 74 suggests a market in the “greed” phase, often preceding price corrections.</p>
<p style="text-align: justify">In conclusion, while Bitcoin’s price faces current resistance, historical trends and on-chain metrics provide valuable insights for potential future movements and investment opportunities.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-follows-2020-halving-trend" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Follows 2020 Halving Trend</a></h5>

Bitcoin Follows 2020 Halving Trend

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