Current short-term BTC investors mirror 2019 trend. Will an influx of new investors trigger a rally despite mixed views on post-halving rally?
Analysts divided on a post-halving rally in 2024 and the likely price trigger.However, according to CryptoQuant, the halving rally might still be in play, especially as current short-term BTC investors mirrored 2019 behavior., BTC rallied 490 days after new investors peaked around the 2019 halving event, and a similar pattern was playing out.
However, the UTXO declined after BTC peaked in March, which the data attributed to new investors’ likely exit due to losses. “Historically, the influx of capital from new investors has been a critical condition for Bitcoin’s price increases.” “It’s time for founders and investors trying to time the market to focus on more significant macroeconomic drivers rather than relying on the four-year cycle.”that the recent 34% drawdown to $49k was normal in the bull run and that the post-halving rally was still likely.further as active addresses hit a record low in 2024 and could further drag the price due to muted interest in the digital asset.
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