Key Points
- Bitcoin’s price has surged past $66K, following the fourth halving event.
- The cost of sending Bitcoin has seen significant volatility, with miners hoarding more coins despite reorganization.
After the fourth halving of Bitcoin (BTC) on Saturday, daily emissions have decreased to 450 coins, equivalent to approximately $29.7 million. This decrease has been influenced by the approval of spot Bitcoin ETFs in the United States, which has boosted overall demand. The recent sanctioning of spot BTC ETFs in Hong Kong further solidifies the control of Bitcoin bulls.
Almost all indicators suggest that a new all-time high (ATH) is imminent in the coming weeks.
Changes in the Bitcoin Network
In anticipation of the halving event, Bitcoin miners have been preparing over the past week. This preparation has seen the overall hash rate decrease from 700Ehash/s on April 14 to around 595Ehash/s on Monday. The continuous increase in mining difficulty has prompted miners worldwide to upgrade their equipment to the latest versions.
These significant changes in Bitcoin mining have led to substantial fluctuations in the cost of sending BTC. Over the weekend, total fees paid to Bitcoin miners increased despite a decrease in non-zero addresses. According to hash price data from mempool.space, the cost of sending Bitcoin via a high-priority option is approximately $10.18, while a low-priority option costs about $8.7.
Surprisingly, on-chain data indicates that Bitcoin miners have continued to accumulate more coins, despite the reorganization of mining rigs. It is possible that Bitcoin miners are upgrading their equipment to renewable energy sources through tax cuts and credits. Additionally, the escalating crisis in the Middle East is expected to increase the general cost of crude oil amid rising fiat inflation.
Bitcoin’s Future After the 2024 Halving
For the first time in Bitcoin’s history, the leading cryptocurrency closed around the top of the 2021 bull cycle during the fourth halving event. As a result, many crypto analysts are extremely optimistic about Bitcoin’s price and the rest of the cryptocurrency market. According to renowned crypto analyst Ali Martinez, Bitcoin’s price is on the verge of a nearly 70 percent increase based on the Market Value to Realized Value (MVRV) ratio.
The MVRV ratio has notably dipped below the 90-day average, which has traditionally signaled a prime buying opportunity.
A similar bullish outlook was shared by a well-known analyst known as MikyBull Crypto, who stated that the Bitcoin price must consistently close above the daily 50 Moving Average (MA). The analyst further noted that Bitcoin’s price has been trading within a horizontal consolidation, but the bulls are in control.
Furthermore, the daily Relative Strength Index (RSI) has already broken out of a bullish flag, indicating potential for further gains.
