- Several on-chain analytics have hinted that Bitcoin is at or nearing its cycle bottom.
- Bitcoin cycle tends to bottom 517-547 days before the next halving event.
- The data from the halving counter reveals the halving event will come after 495 days.
Experts believe that if Bitcoin (BTC) halving history repeats then the BTC cycle could be nearing its bottom soon.
Several on-chain analytics have hinted that Bitcoin is at or nearing its cycle bottom. Historically, the Bitcoin cycle tends to bottom 517-547 days before the next halving event. Thus, the next halving is nearly 500 days away.
The Bitcoin halving is programmed to lower the block reward by half in every four years. Consequently, in May 2024, the block reward will go down to 3.125 BTC.
In previous cycles, Bitcoin tended to bottom 517-547 days before the next halving event. The data from the halving counter reveals the halving event will come after 495 days and thus, markets will be nearing their cycle bottom.
According to the stock-to-flow model creator ‘PlanB’, the Bitcoin Relative Strength Index (RSI) has never been this weak.
On this, crypto analyst commented:
Max pain isn’t a BTC wick down to $10k, or ETH to $500. At least you can trade volatility. It’s actually a prolonged, boring, sideways crab market where alts slowly bleed vs BTC and volume dries up. That’s what real pain looks like.
Bitcoin value has been flat since a week ago when it was trading below $17,000. Note that Bitcoin is currently trading at $16,867.27 at the time of writing.
However, as per the Analyst at the on-chain & financial metrics, Glassnode, the total supply of Bitcoin owned by long-term holders is at a record high.
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 halving history repeats then the BTC cycle could be nearing its bottom soon. Read more on CE.){kind=link}