Until the most anticipated event – Bitcoin halving – remained one day. The reward for mining BTC will be halved on April 20, approximately at 03:22 (Moscow time).
We tell you what happens on the digital asset market the day before the halving and what members of the crypto community are talking about.
What's happening in the market
Bitcoin started the morning of April 19 with an update to its local minimum. At the moment, the cryptocurrency dropped to $59,604, a level that BTC last touched in early March 2024. The update of the minimum was followed by a recovery to previous levels. At the time of writing, Bitcoin is trading at $64,474.
Bitcoin fell on news of the escalating conflict between Iran and Israel. During periods of geopolitical tension, investors are looking for ways to protect their savings. Therefore, such moments are often accompanied by an outflow of capital from high-risk assets such as cryptocurrency.
Other coins from the top capitalization, following Bitcoin, also showed negative dynamics.
The fear and greed index, despite the fall in BTC, returned to the green zone, increasing by almost 10 points. The changes indicate growing interest in cryptocurrency.
According to CoinMarketCap, the capitalization of the crypto market fell by 0.02% per day to $2.27 trillion. Trading volume, on the contrary, increased by 2.22% to $100.7 billion.
What they're talking about in the crypto community
The main topic of discussion in the crypto community on the eve of the halving was BTC’s reaction to the event. Analysts noted that halving the speed of Bitcoin mining could lead to a fall in the cryptocurrency. One of the reasons for the possible upcoming sale is miners who will have to sell off their accumulated coins in order to pay their bills. At 10x Research considerthat the market will remain under pressure from miners for six months.
However, not all participants in the crypto community are expecting a correction in Bitcoin after the halving. For example, popular analyst Peter Brandt in the crypto community, who managed to correctly predict the crypto winter of 2018 and many other market movements, suggestedthat BTC is on the verge of a pump. He outlined the levels worth watching on the chart.
Many are waiting Bitcoin's new highs are already in April. The immediate target of the cryptocurrency, according to investors, may be the level of $80 thousand. Supporters of positive forecasts sure is that the fall of BTC in anticipation of the halving is nothing more than a bear trap.
Source: Cryptocurrency
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