We have virtually reached Bitcoin's third halving where the network halves the block reward from 12.five Bitcoin (BTC) to 6.25 BTC. This outcome has recently ignited strong market involvement where Bitcoin bankrupt through $10,000 on May 8, 2022, fully recovering from the Black Thursday crash. Meanwhile, the total cryptocurrency market cap has also passed $270 billion. At the fourth dimension of writing, Bitcoin is currently hovering around $10,000.

On-chain market activities take turned positive and have taken a u-turn after Black Thursday

As of May viii, 2022, the Bitcoin network hash rate has reached an all-fourth dimension high, and the difficulty level rose to xvi.10T. The newly added and agile addresses rose 22.52% and xiii.03%, respectively, from the seven-mean solar day average, of which the number of active addresses reached nearly a one thousand thousand addresses.

Bitcoin active addresses

The current number of active addresses for the Bitcoin network has reached a local loftier — second merely to the number of active addresses during the end of the bull market betwixt the 2022 year-finish and the beginning of 2022 — and is apace budgeted the aforementioned level in mid-2019 when the price was at $13,000.

Google Trends reflects high popularity for Bitcoin halving

The current search interest for the keywords "Bitcoin halving" has reached a acme of 100 in the showtime week of May 2022 and has exceeded its second halving, which happened in July 2022, by more 4 times. Market participants are curious to discover how the market place dynamic could change postal service-halving.

Bitcoin halving search interest over time

Meanwhile, Europe has been the most enthusiastic region about the Bitcoin halving. Among the top 10 regions in the by 30 days for search interest, Republic of malta is the highest, followed by Saint Helena and Luxembourg. These regions have positive regulatory frameworks to support the cryptocurrency industry. Among them, Malta holds the most active regulatory attitude toward cryptocurrencies and recognizes the legal condition of cryptocurrency in its region.

Bitcoin halving search interest by region

Surprisingly, in the past calendar month, Africa has had an unusual attitude toward the Bitcoin halving with Nigeria ranking 4th in search interest and Southward Africa ranking seventh.

Bitcoin Mayer Multiple reflects positive sentiments

Bitcoin Mayer Multiple is a price analysis indicator created past Trace Mayer as a method to measure Bitcoin's current price and the long-term historical price trend.

A Mayer Multiple lower than 1 ways that the current Bitcoin cost is below the 200-day moving boilerplate and that the market sentiment is negative, with a downward trend. Conversely, when the Mayer Multiple is greater than 1, the electric current market sentiment is mostly optimistic and supports BTC's upward price trend.

Bitcoin mayer multiple

Bitcoin'south Mayer Multiple fell to 0.574 afterwards the Blackness Th market place plunge and was in an extreme panic stage. Information technology has since recovered and continued to rise above 1. The marketplace's expectations for the Bitcoin halving have begun to materialize, and fear of missing out, or FOMO, has started to spread in the marketplace.

Miners' Position Alphabetize and Miners' Rolling Inventory indicate that miners are expecting positive market dynamic mail-halving

Miners' Position Index, or MPI, is a measurement to sympathize the current behavior of miners. An MPI value above ii is essentially a longer-term, macrostructure analysis where, in a shorter term, a value above 0 might point local selling opportunities, and when the values go into farthermost negatives, this might indicate local buying opportunities (when miners are property Bitcoin).

Bitcoin: miner's position index

It is interesting to meet that when analyzing from a macro view, the MPI values have been consistently below two since the 2022 bull runs. From the micro trend perspective, the values are generally below 0, indicating miners are more inclined to agree Bitcoin. There was merely a brief period between the cease of 2022 and the beginning of 2022 when the MPI values reached to a higher place 0, possibly due to some miners capitulating.

The Miner's Rolling Inventory, or MRI, is mainly used to measure the changes in the level of Bitcoin inventories held by miners.

Bitcoin miner's rolling inventory

As of May eight, 2022, the MRI for one twenty-four hours, one calendar week, five weeks and 12 weeks have generally returned to effectually one.

Miners were generally holding Bitcoin from January to March 2022. Immediately before Black Thursday, miners were comfortable selling into a potent market bid represented by the value of ane.63 on March xi, 2022, which is significantly greater than 1. Notwithstanding, mail service-market crash miners have been leaning toward holding back.

The MPI and MRI provide unique perspectives from miners using different approaches. Although the interpretations of these two metrics are unlike, they both signal toward the same behavior of the miners who by and large lean toward property Bitcoin pre-halving.

Opportunities facing global market uncertainties

In the long run, Bitcoin presents itself with significant innovations to the earth, generating disruptive ideas, marketplace interests and opportunities for many to tap into. In the long run, we wait that the halving, coupled with the gradual maturity of the industry, will continue to gain traction globally.

Notwithstanding, the direction of the cryptocurrency market place can besides be easily influenced by many marketplace factors. Equally we are heading toward the third post-halving in the Bitcoin era, the affect of the COVID-19 pandemic and the direction of the traditional fiscal marketplace are nonetheless unclear. These uncertainties tin potentially translate to the cryptocurrency market, creating a ripple effect that generates significant volatility in the short term.

This commodity was co-authored past Johnson Xu and Fanger Chou.

The views, thoughts and opinions expressed here are the authors solitary and practice not necessarily reflect or represent the views and opinions of Cointelegraph.

Johnson Xu is a devoted fintech professional with a background in finance and computer science and with substantial exposure to the cryptocurrency/blockchain industry. He is currently the chief analyst and leads research initiatives at TokenInsight, a company that provides investment research, ratings, data analysis, manufacture insights, investment direction services, manufacture consulting, etc. His previous experience includes a global, top-tier cryptocurrency substitution and a Fortune 200 consulting company.

Fanger Chou is a blockchain lover with a demonstrated history of working in the blockchain industry. She is currently the senior analyst at TokenInsight, a company that provides investment research, ratings, data analysis, industry insights, investment management services, industry consulting, etc.