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Home Bitcoin

Bitcoin halving 2024: How 27,000 BTC are prepping for the big day

April 18, 2024
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Bitcoin halving 2024: How 27,000 BTC are prepping for the big day
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  • BTC accumulation climbs ahead of the halving event.
  • The past few days have seen an uptick in market volatility. 

Bitcoin’s [BTC] accumulation has reached a new milestone, with the next halving event just a few hours away.

In a new report, pseudonymous CryptoQuant analyst IT Tech found that on the 16th of April, inflows into BTC accumulation addresses exceeded 27,000 BTC.

The analyst described an accumulation address as an address with no record of outgoing transactions, a balance exceeding 10 BTC, no link to any centralized exchanges or miners, received more than two incoming transactions.

Its most recent transaction had occurred within the last seven years.

According to the report, the last all-time high inflows to these addresses were recorded on the 22nd of March, when they received 25,100 BTC.

Traders remain steadfast

It is no longer news that the crypto market has declined in the past few weeks. Exchanging hands at $61,234 at press time, BTC’s price has dropped by 13% in the past seven days, according to CoinMarketCap’s data. 

However, despite the price fall, market participants continue to accumulate more coins ahead of the halving event scheduled for 19th April. 

The surge in BTC accumulation in the face of recent headwinds is due to the anticipation of a post-halving price rally. 

Historically, the coin’s price has surged following past halving events. According to Bloomberg’s data, a year after the 2012 halving, BTC’s price climbed by over 8,000%.

Similarly, a year after the 2016 event, the coin’s value rose by 295% and by 559% 365 days after the 2020 event. 

BTC Post-Halving Performance

Source: Bloomberg

The current decline in selling pressure could be gleaned from the steady decrease in the coin’s exchange reserve.

See also  Why It's Time to Hold Off on Altcoins, Experts Warn

Per data from CryptoQuant, in the last week, the amount of BTC held on crypto exchanges has fallen by 1%.

As of this writing, 1.94 million BTCs worth around $119 billion at press time market prices are held on exchanges.

Remain on the lookout

With a few hours till the halving event, market volatility is climbing.


Read Bitcoin’s [BTC] Price Prediction 2024-25


Readings from BTC’s daily chart showed that the gap between the upper and lower bands of its Bollinger Bands indicator has widened steadily in the past few days.

Source: BTC/USDT on TradingView

When the gap between these two bands widens this way, it indicates an increase in volatility. It suggests the asset’s price is moving more aggressively and can break out in either direction. 

Next: WIF’s 13% loss is BOME’s gain – Why that’s unusual for these memecoins

READ ALSO

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  • BTC accumulation climbs ahead of the halving event.
  • The past few days have seen an uptick in market volatility. 

Bitcoin’s [BTC] accumulation has reached a new milestone, with the next halving event just a few hours away.

In a new report, pseudonymous CryptoQuant analyst IT Tech found that on the 16th of April, inflows into BTC accumulation addresses exceeded 27,000 BTC.

The analyst described an accumulation address as an address with no record of outgoing transactions, a balance exceeding 10 BTC, no link to any centralized exchanges or miners, received more than two incoming transactions.

See also  Luxor refutes claims its Bitcoin hashrate-backed product is BlockFi, Celsius 2.0

Its most recent transaction had occurred within the last seven years.

According to the report, the last all-time high inflows to these addresses were recorded on the 22nd of March, when they received 25,100 BTC.

Traders remain steadfast

It is no longer news that the crypto market has declined in the past few weeks. Exchanging hands at $61,234 at press time, BTC’s price has dropped by 13% in the past seven days, according to CoinMarketCap’s data. 

However, despite the price fall, market participants continue to accumulate more coins ahead of the halving event scheduled for 19th April. 

The surge in BTC accumulation in the face of recent headwinds is due to the anticipation of a post-halving price rally. 

Historically, the coin’s price has surged following past halving events. According to Bloomberg’s data, a year after the 2012 halving, BTC’s price climbed by over 8,000%.

Similarly, a year after the 2016 event, the coin’s value rose by 295% and by 559% 365 days after the 2020 event. 

BTC Post-Halving Performance

Source: Bloomberg

The current decline in selling pressure could be gleaned from the steady decrease in the coin’s exchange reserve.

Per data from CryptoQuant, in the last week, the amount of BTC held on crypto exchanges has fallen by 1%.

As of this writing, 1.94 million BTCs worth around $119 billion at press time market prices are held on exchanges.

Remain on the lookout

With a few hours till the halving event, market volatility is climbing.


Read Bitcoin’s [BTC] Price Prediction 2024-25


Readings from BTC’s daily chart showed that the gap between the upper and lower bands of its Bollinger Bands indicator has widened steadily in the past few days.

Source: BTC/USDT on TradingView

When the gap between these two bands widens this way, it indicates an increase in volatility. It suggests the asset’s price is moving more aggressively and can break out in either direction. 

Next: WIF’s 13% loss is BOME’s gain – Why that’s unusual for these memecoins
Tags: BigBitcoinBTCdayHalvingprepping

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Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

Memecoin Project Obama6900 (OBX) Joins the Fight Against Malaria with Long-Lasting Insecticidal Nets (LLINs)

October 28, 2023
Tezos 2023 Outlook: An Overview of Tezos (XTZ)

Tezos 2023 Outlook: An Overview of Tezos (XTZ)

November 2, 2023
UK risks regulating NFTs the wrong way, says Mintable CEO

UK risks regulating NFTs the wrong way, says Mintable CEO

October 30, 2023
Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

Capturing the Growth of Asset-Backed Finance via Blockchain-Enabled Opportunities

August 3, 2024
How to Earn Keys to Boost Your HMSTR Airdrop

How to Earn Keys to Boost Your HMSTR Airdrop

September 10, 2024

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How They Work and Why They Matter

How They Work and Why They Matter

June 8, 2024
What’s behind MATIC’s current surge?

Why surge in BTC and USDT’s flows to exchanges should concern you

December 12, 2023
Solana’s NFT sales soar 125%: Will this help SOL rise?

Solana’s NFT sales soar 125%: Will this help SOL rise?

June 21, 2024
Ethereum decouples from BTC – Here’s what it means for ETH’s future

Ethereum decouples from BTC – Here’s what it means for ETH’s future

January 20, 2024

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