- Bitcoin rose 686% after the 2020 halving, but has only increased by 63% compared to its peak since the recent halving.
- Statestreet's continued Bitcoin purchases will likely increase spot price appreciation.
- Macro situations like the Ukraine ceasefire will positively impact Bitcoin and risk asset markets.
- The article was summarized using an artificial intelligence-based language model.
- Due to the nature of the technology, key content in the text may be excluded or different from the facts.
Analysis suggests that Bitcoin (BTC)'s halving-driven bull cycle is not over yet.
On the 17th (local time), CryptoQuant contributor oinonen_t stated that "while Bitcoin still has potential for correction," he emphasized that "the halving bull cycle is not over yet."
He noted that "Bitcoin rose by a total of 686% after the 2020 halving until November 8, 2021," while "since the last halving, Bitcoin has only increased by 63% compared to its peak." He continued, "According to Bitcoin's power law model and diminishing returns principle, price increases gradually decrease with each halving," but added that "since Bitcoin has only risen by 63%, there is still significant upside potential."
He also mentioned Statestreet's Bitcoin purchases and the ceasefire. oinonen_t said, "Statestreet continues to purchase Bitcoin," and that "this will increase the likelihood of Bitcoin spot price appreciation." He added that "macro situations like the Ukraine ceasefire are positive for Bitcoin and risk asset markets."
Meanwhile, today the US and Russia began ceasefire negotiations for the Ukraine war in Riyadh, Saudi Arabia. U.S. Secretary of State Marco Rubio and Russian Foreign Minister Sergei Lavrov were among the attendees.
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