Investors Remain Bullish On The Bitcoin Price Post Halving

Yesterday was the big day for Bitcoin, and the cryptocurrency went through its third block reward halving in history. We can now see that the investors remain bullish on the Bitcoin price after its halving, and this is a good indicator that a potential rally is coming.

Even though BTC failed to rally right after the halving, the investor sentiment remains bullish. The long awaited Bitcoin halving came and went, bringing with it a lot of volatility which saw the price of the coin decline 5% to 7% in each direction for the last three hours, leading up to block 630,000.

Before the Bitcoin news showed this surprise, the top-ranked cryptocurrency on CoinMarketCap managed to initiate a quick 8% rally from $8,475 to $9,168 but this was quickly snuffed out once the price dropped below the support at $8,750.

On a more interesting note, investors remain bullish as the 629,000 block was mined. For instance, f2pool inserted the message saying “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue.” This is a clever ode to a similar note which was left in the Genesis block by the creator of Bitcoin, Satoshi Nakamoto.

Generally speaking, the Bitcoin halving followed the expectations of amateur and professional analysts who expected the day to be something of a non-event. Many thought the idea that the halving event was already priced and the current economic uncertainty caused by COVID-10 won’t give Bitcoin the push it deserves. However, investors remain bullish and still expect Bitcoin to pull of a double or triple digit rally in the coming cryptocurrency news.

Despite the absence of a rally so far, the crypto Twitter has exploded. Data from The TIE shows that over the past 24 hours tweets from crypto-related accounts saw a surge in keyword mentions for the halving and Bitcoin.

The tweet dominance was increased and the percentage of overall cryptocurrency tweets by people on a given day also increased. This is something normal for the Bitcoin ecosystem, and The TIE founder said that the recent tweet volume made conversations about Bitcoin spark by 72% as BTC surpassed 50K daily tweets for the first time since June 2019.