The chatter on the upcoming bitcoin halving is at an all-time high with Google Search results showing a spike in conversations around this momentous event.
In Africa, South Africa, Nigeria, and Kenya were among the top 50 countries globally recorded to have high search volumes.
Interestingly, data shows that interest levels are mostly correlating with positive momentum, meaning crowd consensus is widely optimistic about the upcoming halving.
SEE ALSO: Less Than 20 Days to Go Before the Next 2020 Bitcoin Halving
Furthermore, crypto exchange data shows that nearly 570,000 addresses bought over 340,000 BTC above $8,000 mostly driven by retail investors. The massive growth of BTC wallets with non-zero balances seem to indicate that the current bitcoin uptrend has been driven primarily by retail investments.
Data from analytics firm, Glassnode, also seem to indicate that 73% of circulating BTC is in a state of profit. This is 9% more than the last time we saw this price.
Supporting data from crypto news outlets also seems to support the bitcoin halving sentiments. The Halving mentions have eclipsed Coronavirus and Gold as the dominant narrative in the crypto space further cementing positivity into the space.
While the March 2020 bitcoin outflow which resulted in the crypto crashing significantly was initiated by institutional investors and funds, retail traders, especially those owning less than a single BTC, have continued to sign up for new accounts throughout April 2020. While this definitely offers some relief that whales are loosing market control, it is not a guarantee that a price crash will not happen post-halving.
On the supply side of things, data shows a strong decrease in the BTC balances of all exchanges with more and more of circulating coins being held and not moved.
On the demand side of things, there has been a strong increase in the amount of U.S. dollar stablecoins in circulation, which analysts say is indicative of strong demand for cryptocurrency.
Should simple supply-demand analysis hold for Bitcoin, the decrease in the supply of coins held on exchanges and being investors losing propensity to sell their coins, coupled with the simultaneous increase in demand for coins indicated by USDT’s growth, will send BTC into a strong bull trend.
Furthermore, the injection of trillions of dollars into worth of stimulus into the U.S. economy is expected to debase the U.S dollar and other fiat currencies as the value of bitcoin goes higher in the wake of the upcoming halving.
11/ Meanwhile, some of the trillions of dollars of stimulus from central banks will inevitably flow into crypto assets. The fact that this coincides with the block reward halving of BTC and its derivative assets is uncanny timing.
— SpartanBlack (@SpartanBlack_1) April 29, 2020
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