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Read our article, as here we talk about BEFE coin, the Blockchain project that utilizes the technological advancements of Bitgert to provide the ...

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Bitcoin is set to undergo its fourth halving, but its price might continue to remain bearish.

Bitcoin has been moving lower ahead of the Halving event, going against analysts’ expectations. This price action has been unexpected and shows how the coin tends to go against predictions, basically charting its path.  Bitcoin Breaking The Mold In light of Bitcoin’s randomness, especially in the past few months following the approval of spot exchange-traded funds (ETFs), one analyst expects the coin to continue defying expectations by clocking in a bull run that defies historical trends. The analyst cites two recent instances where Bitcoin defied expectations to justify this bullish outlook. First, following the rapid expansion in the 2020 to 2021 bull run that saw Bitcoin soar from less than $10,000 to fresh all-time highs of around $70,000, prices sharply contracted in 2022.  Related Reading: Bitcoin To $455,000: Expert Echoes Previous Halving Pattern Then, the United States Federal Reserve shifted its monetary policy to curb raging inflation by rapidly increasing interest rates. Following this and other market-related events, Bitcoin prices dipped below the all-time high of the previous cycle of $20,000. By November 2022, prices fell to as low as $15,000, accelerated by the collapse of FTX. This retest of previous highs and fall below $20,000 had never happened before.  Another anomaly occurred last month. For the first time, Bitcoin prices expanded and broke the previous all-time highs of around $70,000 before the Halving event. As Bitcoin’s past price action shows, prices only rally to fresh all-time highs after Halving. However, this changed when BTC soared to $73,800, possibly paving the way for bulls to join in and push the coin back to unchartered territory post-Halving.  Is BTC Ready For A Multi-Year Rally? With this in mind, the analyst believes Bitcoin will continue uniquely shaping its path, deviating from history. For instance, the analyst thinks BTC will outperform altcoins in the coming months. The analyst adds that increased regulatory scrutiny following high-profile collapses like FTX and Luna could dampen altcoin enthusiasm.  Related Reading: Here’s What Would Happen If The Bitcoin Price Fell Below $58,000 The coin will ride on the fact that it is the only one with an ETF from the United States SEC receiving investments. As a result of this capital injection, Bitcoin will likely register a multi-year “up only” phase, just like gold did once its ETF was approved. Prices remain depressed ahead of this. Though prices are increasing at spot rates, the coin is within a bear formation. Currently, BTC has local resistance at around $65,000. Feature image from DALLE, chart from TradingView

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Put simply, the halving is an automatic 50% reduction in the number of bitcoin entering circulation. That should, in theory, push the value of ...

Bitcoin's (BTC-USD) halving event is expected to occur over this weekend, either Friday, April 19 or Saturday, April 20.

At block height 839,856, the Bitcoin blockchain stands a mere 144 blocks short of the forthcoming reward halving at block height 840,000. Historically, bitcoin’s price has seen substantial increases following prior halving events. However, there are speculations that this occurrence might not follow the previous pattern. This week, the creator of the stock-to-flow (S2F) price […]

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A key metric reached a critical level, which on two prior occasions, resulted in massive altcoin rallies

On-chain data shows that a Chainlink indicator is currently forming a pattern that has led to an average 50% increase for LINK in the past. Chainlink 30-Day MVRV Ratio Has Plunged In a new post on X, analyst Ali discussed the latest trend in Chainlink’s 30-day MVRV ratio. The “Market Value to Realized Value (MVRV) ratio” is a popular on-chain indicator that tracks the ratio between LINK’s market cap and realized cap. The market cap naturally refers to the total valuation of the asset’s circulating supply at the current spot price. In contrast, the realized cap is a different type of capitalization model that calculates the total value of the cryptocurrency by instead taking the price at which each coin in circulation last moved on the network as its “true” value. Related Reading: 69% Of PEPE Holders Left In Profits After 26% Plunge Since the last transaction of any coin was probably the last time it changed hands, the price at its time would signify its current cost basis. As such, the realized cap sums up the cost basis of every coin in circulation. In this view, the realized cap would be nothing but a measure of the total capital the investors have used to purchase the asset. In contrast, the market cap represents the value that they are holding right now. The MVRV ratio compares these two models, and its value can provide hints about whether the overall market holds more or less than it puts into Chainlink. In the context of the current topic, the 30-day version of this indicator is of focus, which restricts itself to only the investors who bought within the past month. Here is the chart shared by the analyst that shows the trend in this LINK indicator over the past couple of years: The value of the metric seems to have registered a steep decline in recent days | Source: @ali_charts on X As displayed in the above graph, the Chainlink 30-day MVRV ratio has recently taken a sharp plunge and dipped under the 0% mark. The 0% mark is where the market cap and realized cap are exactly equal, so below it, the latter would be greater than the former. When this is the case, the investors are carrying losses. This recent plunge into the negative has naturally come for the metric as the cryptocurrency’s price has plummeted, putting the 30-day buyers underwater. In the chart, Ali has highlighted a specific pattern that Chainlink appears to have followed regarding this indicator, plunging deep into the negative territory. “Each time Chainlink MVRV 30-Day Ratio has dropped below -12.24% since August 2022, it’s signaled a prime buying opportunity, averaging 50% returns!” notes the analyst. Related Reading: Bitcoin Long-Term Holders Slow Down After 700,000 BTC Selloff, Reversal Sign? Recently, the indicator has declined towards 17.54%, meaning it’s below this level, which has historically led to profitable buying windows for the coin. It remains to be seen whether the pattern followed in the last two years will hold this time as well. LINK Price The past week has been terrible for Chainlink investors. The asset’s price has plunged by more than 23%, coming down to just $13.3 now. Looks like the price of the coin has plunged recently | Source: LINKUSD on TradingView Featured image from Shutterstock.com, Santiment.net, chart from TradingView.com

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Bitcoin (BTC) is increasingly serving as a critical channel for cross-border financial flows amid global financial instability, according to a new report by the International Monetary Fund (IMF). The report, released this April, sheds light on how the decentralized nature of Bitcoin is being leveraged to bypass traditional banking systems, especially in regions experiencing economic […] The post IMF acknowledges Bitcoin’s significant role in preserving wealth amid financial instability appeared first on CryptoSlate.

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Bitcoin has broken down dramatically, and it may cause serious issues

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A widely followed crypto strategist is warning about the altcoin market as projects like Chainlink (LINK) correct. Pseudonymous analyst Altcoin Sherpa tells his 214,900 followers on the social media platform X that most altcoins may enter a months-long consolidation phase. “It’s quite possible that altcoins are done for the next one to four months. There […] The post Are Altcoins Done? Trader Issues Alert Amid ‘Scary’ Behavior in Chainlink (LINK) and Others appeared first on The Daily Hodl.

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