The quadrennial halving is seen as a momentous occasion in the crypto community because it symbolizes Bitcoin's original concept as an autonomous, decentralized financial network whose monetary policy is set by code, as opposed to human organizations like governments and central bankers. The bar graph below shows investors putting large short bets on Bitcoin miners in anticipation of the event. The second graph compares the price of Bitcoin to the three largest publicly traded miners. As shown, they have recently traded much weaker than Bitcoin, and as seen in the lower graph, the correlation between Bitcoin and the miners prices is now negative. The Halving is an important and well publicised event, naturally leading to heightened speculation around its impact on price action. It can be a useful to balance our expectations against historical precedence, and create loose boundaries based upon past performance.
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