Record-Breaking Interest in Bitcoin Halving Predicted, as Prices May Rally Post-Event
Summary:
Google Trends data indicates that interest in 'Bitcoin halving' has hit an all-time high, with forecasts predicting it could double this month's score of 45 to 100, indicating peak popularity. The Bitcoin halving event, expected around 4am UTC on April 20, reduces miner rewards from 6.25 BTC to 3.125 BTC. Bitcoin started the year priced at $42,200 and reached a high of $73,600 in May, but has since declined to $61,078. Despite this, analysts predict a potential surge in the months following the halving.
Google's recorded interest in 'Bitcoin halving' has skyrocketed, reaching an all-time high, with forecasted data indicating that it may surge more than twice as it did during the previous halving in 2020. The search term 'Bitcoin halving' has already hit a score of 45 as per the data from Google Trends. It is expected to reach the maximum projection score of 100 by month's end, often interpreted by Google Trends as 'pinnacle popularity'. The record-breaking search interest for 'Bitcoin Halving' points to when miner rewards get halved in terms of Bitcoin. This year, the event will witness the block rewards dropping from 6.25 BTC to 3.125 BTC. As per the Cointelegraph countdown timer, the halving is expected to take place approximately at 4am UTC on April 20. The countries showing the most interest on Google Trends in the Bitcoin halving were Nigeria, Netherlands, Switzerland, and Cyprus. It isn't surprising to see an unprecedented interest in the halving event, especially given Bitcoin's (BTC) momentous performance in recent months. Bitcoin's price kicked off the year at $42,200 and witnessed a steep ascent of 74%, hitting an unprecedented high of $73,600 on May 13, as per the CoinMarketCap data. However, Bitcoin's price trajectory has tapered off since mid-May and has maintained a downward slope. Bitcoin currently has a price tag of $61,078, down by 17% from its all-time peak value. Amid the deteriorating market sentiment, some analysts have referred to Bitcoin's past price trends, indicating a potential robust rally months after the halving. Web3 Gamer argued that the Bitcoin Halving could drive gaming, revealing Shrapnel's 'simple' secret.
Published At
4/18/2024 4:20:32 AM
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