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Google Trends shows interest in the upcoming Bitcoin halving hitting an all-time high, with Bitwise saying investors are underestimating the event’s long-term impact on BTC prices.
Searches for the phrase “Bitcoin halving” reached new heights on Google Trends on April 14, with a popularity score of 100. This is the highest interest recorded on Google in the cryptocurrency’s 11-year history.
After soaring to unprecedented levels, interest has fallen 37% but remains at unusually high levels.
Bitcoin halvings have historically been a precursor to BTC rallies.
with bitcoin halving Scheduled to take place in just three days, Bitwise says it expects the market leader’s price to underperform in the short term but rebound in the long term.
Bitwise, the world’s third-largest cryptocurrency exchange, says history shows that the months following mining rewards cuts were disappointing periods for BTC, with the price of Bitcoin falling by at least triple digits in the year following each halving. It was stated that a percentage increase was achieved.
Historically, halvings have been beneficial for Bitcoin price in the long term (look at the data).
Here’s how the Bitcoin price changed in the year after the halving:
2012: 8,839%
2016: 285%
2020: 548%Bitcoin price change in the month since the halving:
2012: 9%
2016: -10%… pic.twitter.com/aaXSakLfko— Bitwise (@BitwiseInvest) April 16, 2024
The price of BTC surged 9% in the first month after the 2012 halving, and then surged 8,839% in the following year.
A similar trend was seen after the 2020 halving. At that time, the cryptocurrency recorded a 6% price increase in the following month and a 548% increase in the following year.
However, it is possible that the prices of market leaders may fall in the first month after the halving, as they did during the 2016 halving, which saw a 10% decline. But next year Bitcoin price is still up 285%, reaching a high of $20,000.
“Although the data is limited, the picture reveals interesting patterns,” Bitwise wrote.
Industry executives have a bearish outlook in the near term.
Other industry executives are also pessimistic about BTC’s near-term performance after the upcoming halving. 10X Research’s Research director Markus Thielen warned that miners could dump as much as $5 billion worth of BTC to make up for lost profits.
$MARA Chairman and CEO @fgthiel talk with @Bloomberg TV About what the marathon is doing to prepare #Bitcoin bisector. Watch the full interview: https://t.co/IrhE16smuM
— Marathon Digital Holdings (NASDAQ: MARA) (@MarathonDH) April 9, 2024
Meanwhile, Marathon CEO Fred Thiel said a pre-halving rally had already been factored in. This triggered the post-halving rally, he added.
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