A leading crypto analytics firm says that Bitcoin (BTC) struggled through a long-lasting bear market during the last cycle after hitting its mid-halving correction point in July 2018.
In a new analysis, crypto intelligence firm Santiment notes BTC is now fast approaching another mid-halving correction on April 11, a part of the leading digital asset’s life cycle that usually occurs every four years.
“Halving is one the most important economic events in Bitcoin life cycles which Approximately happens every four years. based on the history of the price chart we can clearly see that halvings cut the supply of Bitcoin in half and that caused a pump in the price.”
According to Santiment, this cycle is demonstrating different on-chain tendencies than the previous one, which means the top crypto asset by market cap may not be forced to endure the same prolonged bear market as it did in 2018/2019.
For example, there are currently about 900,000 daily active Bitcoin addresses, compared to about 600,000 in July 2018.
Also, whale investors holding between 1,000 and 10,000 BTC are buying up a lot more Bitcoin than they were at the same point in the previous cycle, according to the data.
Santiment says the important price resistance to pay attention to is $50,000. If Bitcoin can stabilize above that price point, it would lend a lot of credence to the idea that this cycle will be different from the last one.
Bitcoin is trading at $45,987.21 at time of writing, down more than 3% in the past seven days.Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
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