Bitcoin Friday — Aug. 2, 2024
Here are my quick, candid thoughts on bitcoin heading into the weekend.
Happy Bitcoin Friday!
5 Months
August is here!
This week marks five months of bitcoin trading north of $60,000 with the exception of the second week of July where bitcoin fell to ~$56,000 before rebounding to current levels. We’ve had a few things happen this year:
It seems as though the ETFs spurred an unexpected bull market and the halving has helped to sustain it.
While the full impact of the halving isn’t typically felt until 6 to 18 months post-halving, it’s possible that the increased competition for scarcer bitcoin has at least sustained current price levels.
Halvings tend to have a psychological impact on new and long term bitcoiners alike well ahead of any tangible impacts seen in price action or mining operations.
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