The post Bitcoin’s four-year halving event influence is diminishing appeared on BitcoinEthereumNews.com.

Bitcoin’s four-year halving cycle appears to be losing its impact, as BTC prices show little response following the April 2024 halving. ⁤⁤Historically, halving events have driven significant price surges, but this time around, BTC’s post-halving performance has been the weakest yet. ⁤ At the time of writing, Bitcoin was trading nearly 10% below its April 20th halving-day price of $63.8k, raising doubts about the continued significance of the halving cycle. Outlier Ventures even declared the cycle “dead,” arguing that these events no longer play a major role in driving BTC price movements. Bitcoin post-halving performance drops to a new low About 200 days before Bitcoin’s halving, BTC prices surged almost 2.5 times, aligning with analyst expectations for the upcoming halving event. This price spike was almost similar to Epoch 2, when Bitcoin represented roughly 99% of the digital asset market cap. However, at that time, the anticipation of the halving event was not the sole cause of the price surge. On January 11, 2024, the approval of Bitcoin ETFs significantly fueled the rise in BTC prices, with over 299,000 BTC of net inflow. The Bitcoin ETFs approval also drove BTC’s demand, resulting in the 100-day run-up of epoch 5, outperforming the average epoch run-up by 17%. The post-halving period tells a different narrative despite the successful pre-halving price surge. Four months after the halving, BTC still recorded the lowest price performance following any halving. At the time of writing, BTC’s price was $57,251, representing a 10% drop from the price on the first halving day. The 2016 halving had the most significant impact on BTC prices After 2016, BTC price changes were influenced more by factors other than the halving event. The most recent price surges before and after the halving were mainly influenced by the Bitcoin ETFs approval, while…

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Filed under: News - @ September 5, 2024 10:20 am