2020 Bitcoin Halving is Over: Now What is in Store for Crypto?
Bitcoin halving has become a hot topic on Google
The number of searches on Google on the topic of Bitcoin halving sets a new record.
The growing interest in this topic is not yet reflected in trading volumes or the MTC rate..
RSI is on the eve of halving at lows in a zone of strong oversold.
The number of searches on Google on the topic of bitcoin halving has broken previous records set during the previous halving in 2016.
According to Google statistics, an increasing number of people are typing the query “halving halving halving halving the number of new coins created and earned by miners in half.” This happens approximately every four years and … More Bitcoin “in anticipation of this event coming in mid-May on the BTC network.
Interest is growing
Google searches are considered to be one of the indicators of interest in cryptocurrencies from retail investors and the general public in general. In this regard, it can be noted that as the third halving approaches, more and more people seek to find out more on the Internet about this discussed event..
Popular crypto user The Moon (@TheMoonCarl) reported today that the halving search rate has just updated historical maximum, breaking his own record set during the previous halving in 2016.
The search volume for "Bitcoin halving" just reached a new all time high. So, it’s higher than the high of the previous halving in 2016!
This is bullish!
It’s time for lift off pic.twitter.com/gomNc9upGX
– The Moon (@TheMoonCarl) April 14, 2020
As a crypto enthusiast, he concluded that this trend is bullish for Bitcoin, which will soon become a more scarce asset. Recall that earlier he had already drawn the attention of the crypto community to the growth of requests to “buy bitcoin”, also suggesting that this could be an indication of an influx of new investors into the market..
However, these two requests differ significantly from each other, so it cannot be confidently asserted that such an interest in halving will go hand in hand with a surge in consumer activity..
On the contrary, many market participants are now afraid that miners will try to sell as many coins as possible before halving in order to compensate for the increase in costs. Others believe bitcoin can rise, but only after halving.
In other words, the growth of the search rate in Google should be actually reflected in the indicators of trading volumes or BTC quotes. Currently, a technical indicator such as the Relative Strength Index (RSI) indicates an unprecedented oversold in Bitcoin ahead of the halving..
And, finally, one cannot discount the macroeconomic factor, which is now experiencing a severe crisis provoked by the pandemic. Many believe that it will lead to a deterioration in the financial situation of ordinary hodlers, and this will force them to start selling off their savings in coins, and potential investors will not at all think about investing free money in bitcoin..
Thus, the halving of 2020 is shrouded in the highest uncertainty in the history of bitcoin and the highest level of speculation..
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