As the Bitcoin Halving approaches, marking its countdown phase, the miner rewards for the fourth cycle will decrease from 6.25 to 3.125 coins. The Google search volume for the keyword "Bitcoin Halving" has reached an all-time high, but the most interested investors hail not from the US or China, but from Europe and Africa.
Interest in "Bitcoin Halving" on Google has soared to an all-time high, with forecasts indicating that the level of interest will be more than double that of the last halving in 2020.
The fourth halving is set to occur on April 20th, Greenwich Mean Time. According to Google Trends data, the search interest for "Bitcoin Halving" has reached 45 points, and Google anticipates it will hit 100 points by the end of this month.
A score of 100 on Google Trends signifies the "peak popularity" for a keyword.
Source: Google Trend
Bitcoin Halving refers to the reduction of the block rewards paid to miners. This year, the block reward will be halved from 6.25 bitcoins to 3.125.
Google Trends shows that Nigeria, the Netherlands, Switzerland, and Cyprus have the highest interest in Bitcoin Halving.
Source: Google Trend
Given Bitcoin's stellar performance in recent months, it's not surprising that interest in the halving event has reached record levels.
According to CoinMarketCap data, Bitcoin started the year at a price of $42,200, then soared 74%, reaching a new all-time high of $73,600.
Since then, the price of Bitcoin has cooled down. Currently, Bitcoin is trading at $61,078, a 17% drop from its peak.
Despite deteriorating market sentiment, some market commentators have noted the historical pattern of Bitcoin's price movements, suggesting a significant rebound in the months following the halving.
Binance CEO Richard Teng stated that historically, Bitcoin's price has shown significant growth in the six months following each halving event. Increased demand often drives the value of cryptocurrencies up, and these price changes highlight the market's reaction to the reduced supply of new bitcoins. Whether there is further room for price growth depends on overall market sentiment, adoption rates, and other factors at the time of the halving.
For instance, the recent approval of a Bitcoin spot ETF has spurred demand and further promoted Bitcoin's development. These new ETFs have attracted billions of dollars in capital inflows. Richard mentioned that between previous halving events, Bitcoin has set new all-time highs in each four-year cycle.
During the 2020 to 2024 cycle, Bitcoin broke the $66,000 mark in October 2022, setting a new historical high.
He noted that this year's halving event is unique because it coincides with other significant developments in Bitcoin and the broader crypto ecosystem. Apart from the progress with ETFs driving institutional investor interest and participation, another major trend in today's crypto sector is the vigorous growth of Layer2 and decentralized finance (DeFi) activities on the Bitcoin network, driven by the popularity of the Ordinals protocol and Bitcoin Inscriptions.
He emphasized that despite the optimistic outlook for Bitcoin and the entire crypto market, it is important for investors, especially newcomers to the crypto field, to manage their expectations. There is no guarantee of immediate price changes following the halving event; its fundamental significance will be reflected in longer-term trends such as value, liquidity, adoption, and the status and acceptance of crypto as an asset class. Beyond the price, the halving event may also have a long-term positive impact on the broader crypto ecosystem, spreading its benefits to other assets and projects, and enhancing the construction of crypto infrastructure and product innovation.
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JinseFinancePerhaps what is different from all previous halving cycles is the change in the income structure of miners, which is caused by factors such as the future price space of BTC and the current development status of the Bitcoin ecosystem.
JinseFinanceThe current price trend is just the beginning of a long-term bull market, and the upward trend in prices will need to go further to push supply and demand dynamics into balance.
JinseFinanceThe event will double the bitcoin production cost to around $40,000, creating a positive psychological effect, the report said.
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