Less than three weeks after the next and much anticipated halving ofThe cryptocurrency markets continue to weaken, prompting analysts to assume that it could be a total “non-event”.
Bitcoin prices have risen to another weekly high this week, but markets generally remain bearish as technicians continue to trend downwards over the longer term.
Bitcoin halves dissatisfaction
Price forecasting models such as log and stock-to-flow charts are based on previous market behavior to predict future directions. Bitcoin was halved in early 2012 and 2016, and experienced huge setbacks in the years that followed.
This time the global economic landscape is very diverse, especially with a virus pandemic that is causing an industrial breakdown and a nightmare in the financial market. Cryptocurrencies were not spared, and Bitcoin did not prove to be a safe haven that many had assumed and plummeted 50% last month.
Messari researchers have examined previous market actions to compare them with the current state of affairs – and their conclusions You are not pretty. Investigator Ryan Watkins tweeted:
“Past results are not indicative of future results.
We are now in a completely different environment than in 2016.
But for those who count the halving, don’t be surprised if it’s not an event. “
With just 18 days to go, prices are still below the range in which Bitcoin traded for most of 2019. The weekly Relative Strength Index also shows that Bitcoin is currently in the middle.
Watkins added that last time the halving of momentum was supported by Ethereum and the ICO boom, which helped BTC rise from three to five numbers this year alone.
Social media searches are increasing
Traders and investors in China have often been the catalyst to drive markets up, and things could prove promising in this region. Search trends indicate that people are looking for information and news about “Bitcoin Halving” in record numbers.
According to an analyst, Chinese social media are watching a highlight in the search cut in half.
“Bitcoin is going viral on ‘Chinese Twitter’. The” Bitcoin Halving “topic was the sixth most searched topic in the past 24 hours.
Crypto Social Sentiment Analysis company TheTIE has also released figures indicating that the Twitter activity it has also increased in terms of halving.
«58% of the tweets in which gold and BTC are mentioned are positive, 63% in halving are positive»
Searching and tweeting may be a positive indicator, but there’s a good chance that COVID-19 and its devastating economic impact will cut much of the bitcoin in half that FOMO halves this year.
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