Searches on "Bitcoin Halving" Have Doubled In the Past Month
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Source: Arcane Research
Bitcoin traders are split on whether the cryptocurrency’s once-every-four-years “halving” will jolt prices toward 2017’s all-time-high near $20,000 - or multiples of that.
What’s clear is that interest in the topic is surging on Google, according to a new report from the Norwegian cryptocurrency-analysis firm Arcane Research. The search engine’s Google Trends feature shows that queries on the term “bitcoin halving” have doubled this month from December levels to the highest since the last such event in 2016.
According to Arcane Research, the increasing number of Google searches is a sign that the halving might be capturing greater public interest as a potential catalyst for higher prices in 2020.
"The bitcoin halving is gaining more traction,” Arcane said Friday in a report. “There is now a clear indication that awareness of the concept is spreading to new people.”
The halving was codified into bitcoin’s underlyingsoftware code when the cryptocurrency was launched just over a decade ago. Every four years, the bitcoin network undergoes a 50 percent reduction in its mining rewards - essentially the number of new units of the cryptocurrency awarded to computers working to confirm data on the underlying blockchain network.
Some crypto investors say the event could boost bitcoin’s price, since the supply will decrease just as more investors are considering bigger allocations to the cryptocurrency. As an investment, bitcoin has outperformed traditional assets like equities, with a price jump of 94 percent in 2019 that was roughly triple last year’s gains in the Standard & Poor’s 500 Index of large U.S. stocks.
Analysts for the German bank BayernLB predicted last year that the halving could send bitcoin to a new record around $90,000, but some investors maintain that the event is so well telegraphed and understood that it’s likely already reflected in the current market price, around $8,500.
Within the crypto industry, the halving is highly anticipated. Some enthusiasts have even created a dedicated website to count down the remaining days, hours, minutes and seconds until it happens. According to the site, bitcoinblockhalf.com, the event will take place on or around May 12 - now just 108 days away. Google Trends doesn’t disclose the actual number of searches on “bitcoin halving” but does publish data showing that the search term registered a reading of 35 during the week ended Jan. 19, up from an average 15 during the month of December. The scale is normalized so that a reading of 100 represents the peak of a particular search term's popularity. For "bitcoin halving," that happened in 2016, when the last such event occurred. Bitcoin prices doubled that year and surged 13-fold in 2017. Arcane Research noted that “bitcoin halving” still garners far fewer searches than just “bitcoin.” According to Google Trends, “bitcoin” by itself garnered at least 30 times more searches than “bitcoin halving.”
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Probing Former Support-Turned-Hurdle
BTC: Price: $8,450 | Market cap: $154 billion | 24-Hr Volume: $24 billion
Trend: Correction underway Bitcoin has reversed higher from support at $8,200 and is now looking to beat the former support-turned-resistance at $8,460.
If prices see a sustained move above that level, the bearish case put forward by Thursday's downside break of the $8,460-$8,750 congestion range would be invalidated.
That said, a bullish revival would be confirmed only if prices manage to cross $8,750 - a level which proved a tough nut to crack earlier this week.
Traders should note that daily chart indicators have turned bearish. For instance, the MACD histogram has crossed below zero and the relative strength index (RSI) has breached an ascending trendline.
Put simply, the odds look stacked against a convincing move above $8,460 and in favor of a drop toward $8,000.
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| | | | Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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