Investing.com | Editor Ambhini Aishwarya
Published Nov 14, 2023 18:50
As the cryptocurrency market anticipates the fourth Bitcoin halving in about 157 days, a significant tightening of Bitcoin's available supply has been reported by Glassnode. The analytics firm's latest findings reveal that the 'supply storage' rates are currently 2.4 times greater than the rate of new Bitcoin issuance, indicating a historic low in the 'available supply' of the digital asset.
The Glassnode report breaks down the Bitcoin market into three distinct phases:
In light of these developments, trading expert Plan B suggests that active trading during halving cycles could potentially result in substantial gains. Historical data indicates that most Bitcoin price surges have occurred around past halving events, with Plan B estimating possible trader returns of up to 2,500%.
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Written By: Investing.com
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