A new report suggests that the next Bitcoin halving could trigger a rally However, miners could face the pressure as revenues and fees dwindle The next Bitcoin [BTC] halving, which is expected to occur in 2024, could impact Bitcoin holders positively. According to a new report by Messari, a new Bitcoin halving can induce a […]
The fees being paid to miners had also decreased and had reached a one-month low as well, according to. This decline in revenue and fees before the halving could pose a serious threat to miners.Weighing the pros and cons of BitcoinThe number of addresses holding over one coin had reached an all-time high of 192,000. This suggested that there was growing interest in Bitcoin from large investors.
Although large addresses had shown their interest in Bitcoin, the number of traders going long on BTC had decreased. As can be seen from the image below, the number of traders who held a long position on Bitcoin decreased over the last month. On 12 November, 70% of the top traders had gone long on Bitcoin. Since then, that value reduced and at press time, the percentage of traders going long on Bitcoin was 53/19%, according to data provided byAnother factor that could affect BTC’s prices could be the incentive of short-term holders to sell their positions. In the image below, it can be seen that the Market Value to Realized Value ratio increased. This implied that selling BTC at press time would generate a profit.
Even though long-term holders and maximalists weren’t inclined to sell, a declining long/short difference showed that short-term holders would profit from this trade. If short-term sellers succumb to the selling pressure, it could lead to a slight depreciation of Bitcoin’s prices in the near future.Subscribe to get it daily in your inbox.
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