Bitcoin’s Bullish Momentum Swells Despite Recent Halving Event Slump

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In the dynamic world of cryptocurrencies, even Bitcoin, the flagship currency, hasn’t been immune to the slumbering lull of the market in the past week. Bitcoin’s value has remained stubbornly in a consolidation phase, despite a significant development in the cryptocurrency community – the much-anticipated halving event that occurred just a week ago.

Halving events typically usher in a wave of bullishness in Bitcoin’s price trajectory, due to a significant reduction in mining rewards. However, contrary to expectations, this latest halving event has seen a lackluster response from investors. In fact, instead of a groundswell of enthusiasm, there seems to be a building wave of frustration with the market’s slow activity. Voices are rising within the investor community, advocating for a substantial sell-off of Bitcoin.

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This insight is primarily drawn from a fascinating report by an on-chain analytics firm, Santiment. With their ‘social volume’ indicators, they track a wealth of unique posts and messages across various social platforms, zeroing in on specific topics – in this instance, the premier currency, Bitcoin.

Santiment has culled and crunched data from the past week, focusing on ‘buy’ or ‘bullish’ versus ‘sell’ or ‘bearish’ rhetoric related to Bitcoin. Their findings indicate a distinct shift in the collective investor sentiment. The once-dominant bullish clamor on social media is giving way to a rising chorus of bearish calls.

The analytics firm’s report further notes that Bitcoin’s recent dip to $63,000 sparked the lowest count of ‘buy’ and ‘bullish’ calls since April 21st – that’s just before Bitcoin rallied once more above the $67,000 mark. Correspondingly, there was a noticeable spike in ‘sell’ calls in the wake of this price decline.

The uptick in bearish mentions of Bitcoin, traditionally, signifies a heightened level of FUD, an acronym for fear, uncertainty, and doubt, among investors. However, history has shown that when markets stumble upon such irritated and impatient sentiments, it often portends an imminent market bounce-back.

Another notable metric from recent on-chain data is that close to 90% of Bitcoin currently circulating is in profit. This would mean the vast majority of holders of the premier cryptocurrency have acquired their holdings at a rate lower than the current market price.

Interestingly, periods of exceptional profitability can occasionally act as an overbought signal, especially in the wake of a robust bullish trend, as was witnessed between October 2023 and March 2024. This suggests Bitcoin could potentially shed a portion of its recent gains in the weeks to come.

At the time of this update, Bitcoin’s worth sits at a humble $63,077, indicating a 2% dip in its value within the past 24 hours. But as any seasoned investor can attest, fortunes can turn swiftly in the thrilling world of cryptocurrency.

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Melinda Cochrane is a poet, teacher and fiction author. She is also the editor and publisher of The Inspired Heart, a collection of international writers. Melinda also runs a publishing company, Melinda Cochrane International books for aspiring writers, based out Montreal, Quebec. Her publication credits include: The art of poetic inquiry, (Backalong Books), a novella, Desperate Freedom, (Brian Wrixon Books Canada), and 2 collections of poetry; The Man Who Stole Father’s Boat, (Backalong Books), and She’s an Island Poet, Desperate Freedom was on the bestseller's list for one week, and The Man Who Stole Father’s Boat is one of hope and encouragement for all those living in the social welfare system. She’s been published in online magazines such as, (regular writer for) ‘Life as a Human’, and Shannon Grissom’s magazine.