Will Bitcoin's Price Decline Before the Halving Event? 📉
Amid #bitcoin 's recent surge to 17-month highs and anticipation of a Bitcoin halving event in 164 days, conflicting signals arise from supply metrics.
The stablecoin supply ratio is at an all-time high, suggesting strong appetite for Bitcoin accumulation. However, this also indicates weak stablecoin purchasing power, potentially leading to a #retracement before the #halving in April 2024.
On the other hand, the reserve risk indicator, which measures risk-reward incentives, remains at multiyear lows, signaling high confidence in Bitcoin's future price performance.
Long-term holders may be poised for significant gains, especially with potential inflows from a Bitcoin ETF.
