Bitcoin‘s halving is finally here, and the bullish block reduction has the entire cryptocurrency space clamoring and speculating on if it will take the asset to a new all-time high.
Three unique key fundamental factors have all reached an all-time high just ahead of the halving, suggesting that not only is a long-lasting Bitcoin upsurge inevitable, but a new all-time high price record is also likely.
Bitcoin Halving Could Incite Next Bull Market, As Crypto Hopefuls Expect
It’s been well over two full years now since Bitcoin price set a record in late December 2017 for reaching a peak of $20,000 per BTC.
But ever since the crypto hype bubble popped, the asset’s prices tumbled and the market was left waiting for the halving for the cycle to restart once again.
Related Reading | Bitcoin April Monthly Close Was Crypto Asset’s Best Performance Since 2013
The halving is now just one week away, and as expected all signs are pointing to a sustained uptrend in the days, weeks, and months ahead for the cryptocurrency market.
According to three key fundamental factors, not only is a longer-lasting rally inevitable, but it could take the first-ever cryptocurrency to a new all-time high.
Three Fundamental Factors Point to New BTC All-Time High
Bitcoin is a unique asset unlike anything else. And while investors in the stock market have company revenue reports, executive teams, and company shares to take into consideration when performing fundamental analysis, Bitcoin has none of these.
Instead, analysts have looked toward metrics such as the number of BTC addresses active, the asset’s hash-rate or the amount of energy powering the network, and more to gauge fundamental value.
Related Reading | Bitcoin Dominance Climbs, Leaving Altcoins Vulnerable to New Leg Down
According to three key metrics reaching an all-time high, all signals point to a sustained bull trend happening soon.
Bitcoin hash-rate has now achieved another all-time high record, and BTC addresses with a balance of 1 BTC or more have also set a new record.
$BTC hash-rate hitting an ATH$BTC addresses with a balance of ≥ 1 BTC hitting an ATH $BTC ‘halving’ searches hitting an ATH
Only a matter of time before $BTC price hits an ATH#Bitcoin pic.twitter.com/JFZLb35N6N
— RookieXBT (@RookieXBT) May 4, 2020
Coindicing with all of this, is a surge in Google Trends searches for Bitcoin halving, showing that people are scrambling to learn more about the bullish event.
With all of these key metrics reaching an all-time high peak, it is only a matter of time until Bitcoin price follows and sets a new all-time high record above $20,000.
Once this happens, the true bull run will begin, as investors who thought Bitcoin was nothing more than a bubble in late 2017, will be forced to FOMO back into the asset at much higher prices.
Bitcoin‘s halving occurs on May 12, 2020. On that day, the block reward will be reduced from 12.5 BTC to 6.25 BTC. Only 21 million BTC will ever exist.
Featured image from Pixabay.