Bitcoin spread rapidly on ‘China Twitter’ the price will rise before halving

[vietnamoi.vn]

According to Molly, former executive director of Bitcoin Magazine's China operations, the term "halving Bitcoin" in Chinese has recently spread on Weibo, also known as ‘China Twitter.’

This topic, which has been the 6th most searched item in the past 24 hours, shows genuine interest in the event, although China prohibits the purchase of Bitcoin by the yuan
And the same thing is happening all over the world.

Google Trends data shows that last month, global Google users searched for more halving of Bitcoin than any other month. In April, the world's largest search engine also predicted halving Bitcoin would be searched more than twice as much as last month, which was a new all-time high.

This is a bullish signal for Bitcoin because the important reason explaining the increased cryptocurrency market so far is hype around halving. Indeed, according to Google data, the search terms "buy Bitcoin" and "halving Bitcoin" have been in a parallel pattern since the beginning of the year, including growth and contraction. This correlation is not perfect, but they clearly affect each other.

How do you think about this

[Yaunfitda]

Lol, is this the first time that Chinese heard about halving? I doubt that, remember majority of the miners are in China so they have long been waiting and anticipating the block halving. Google trends? of course, everyone is at home, so obviously, the search will spike. I doubt that this will cause the price to spike prior to halving, everyone has been accumulating specially 2018-2019, so the price is already in. Maybe this is a bear trap, no expert in trading, but I'm not comfortable seeing the price going up like this.

[Renampun]

China will not be the cause of the rising price of Bitcoin...
China will only cause Bitcoin to get worse, I have no respect for China. *walk out  

[rhomelmabini]

At least show us some links about the news or an article supporting the claim. If I wanna expect a bull run that may happen by 2021, that's more realistic I guess but no one really knows, all of it are just speculation.

[davis196]

The usage of the keywords "Bitcoin halving" had increased in popularity only because the BTC halving is coming and the group of bitcoin supporters in China is discussing that event more often.That doesn't mean that the total amount of Chinese people,who have bought and are currently using Bitcoin and other coins increased.The so called "China Twitter" is just like the original Twitter-lots of spamming,pointless discussions and gibberish(and a little bit of censorship from the Communist party).

[gentlemand]

although China prohibits the purchase of Bitcoin by the yuan

Only through third party services. They're all forbidden. As far as I know there's nothing stopping people from doing it P2P. However they may well be able to stop that too when their digital currency gets going. They'll have total control over all spending at that point.

The less China the better in my opinion.

[Jating]

Give the OP a break, maybe he is just excited about that event. However, I would agree with the rest of the guys here, China is just one country here, and to be honest, we all know their anti-bitcoin stance so I doubt that they are going to be the first entity to push the price or start this bull run before the halving. As for the keywords "Bitcoin Halving", obviously, as we get closer to the date, there will be spikes but it doesn't equate that Chinese are going to invest on it right away. Let's wait what the world economy is going first because of this Covid-19 pandemic before we can speculate a bitcoin bull run. Because as much as we downplay the pandemic, it still has some effect to the market.

[samcrypto]

China will not be the cause of the rising price of Bitcoin...
China will only cause Bitcoin to get worse, I have no respect for China. *walk out  

There's a hate to them but we can't deny that they can really pump the market especially bitcoin.

Well, China made a digital yuan so I think people in China are creating a hype with bitcoin so they can earn more money which we can also benefited on that. I don't care that much to anyone because I'm more focus on the price movement of bitcoin and we should keep watching it until the halving day.

[The Cryptovator]

So that's what why have we seen sudden pump on yesterday?  We know halving coming very near and more users are becoming aware about it. In a result they are try to to know more details by Google search what I did exactly when I meet with halving word first time. That's how start google trending regarding halving. A big part of bitcoin user believe that bitcoin price will bump during halving, so either China become excited or not it doesn't effect on halving trend I believe. But this is true sometimes few rumours push bitcoin price for short time (but not depend on). So nothing could say before it happen.

[gentlemand]

There's a hate to them but we can't deny that they can really pump the market especially bitcoin.

Um, how? They don't have any exchanges.

I'm sure there are a few disguised Chinese whales on Huobi and others but the real influence China had back in the day was their piece of shit zero fee exchanges. The rest of the world followed them slavishly despite the entirely of their market being 3-4 teenagers with bots most likely.

I doubt we would've had the 2017 peak if they hadn't been put down.

[arwin100]

China will not be the cause of the rising price of Bitcoin...
China will only cause Bitcoin to get worse, I have no respect for China. *walk out  

There's a hate to them but we can't deny that they can really pump the market especially bitcoin.

Well, China made a digital yuan so I think people in China are creating a hype with bitcoin so they can earn more money which we can also benefited on that. I don't care that much to anyone because I'm more focus on the price movement of bitcoin and we should keep watching it until the halving day.

I don't think people will focus on hate to china after all we need demands especially when halving case, Those things will fade out once their are good things happening in the market and we all know that Chinese have the capacity to do this and I'm actually glad that they are in good shape right now since it means that we can see a good market flow since.

Maybe in other aspect people will hate them since they are blamed for the current pandemic happening in the world.

[bitmover]

There's a hate to them but we can't deny that they can really pump the market especially bitcoin.

Um, how? They don't have any exchanges.

Isn't binance a chinese exchange? There must be some exchanges in Hong Kong as well. Ofc there are chinese clients all over the world as well, like the miners for example.

But anyway, I don't think there will be a huge price spike in a few days after the halving.
Halving is already priced in.

I expect some volatility, and maybe in long term (about 1-2 years) a price spike due to the smaller supply. But the market won't "fell" that smaller supply in day 1. Imo.

[20kevin20]

In 2019 I probably searched about the Bitcoin halving at most 4 to 5 years. This year however, I duckduckgo'ed it more than 20 times already.

I don't know if the trend of "Bitcoin halving" searches are significant in any way. I guess I did influence it too and most of us here are surely searching it more often than in the past 4 years. The halving itself is (or at least should be) bullish, but trends are just statistics for me and don't show much.. at least not about the market sentiment.

[gentlemand]

Isn't binance a chinese exchange? There must be some exchanges in Hong Kong as well. Ofc there are chinese clients all over the world as well, like the miners for example.

The owner's Chinese. If he started serving Chinese customers he would be disappeared. There are no mainland Chinese exchanges any more. They're not allowed to operate and banks aren't allowed to deal with them.

I'm sure there's plenty of OTC activity but that doesn't directly influence the price like exchanges do.

[maydna]

Um, how? They don't have any exchanges.

How about Huobi? Because I remember in a few years ago before the first halving, Huobi was a place for Chinese traders to buy and sell bitcoin. Although they don't have any exchanges, at least, the traders from China can trade in any exchanges.

But if the price can rise before halving, then I think many people will wait for that time, and I am sure they will surely prepare their bitcoin in the order sell at the highest price.

Many people can spread the news about bitcoin will rise, but we don't know the right thing about what will happen later so I think we can prepare by ourselves, and we can calm down for anything that can happen later.

[TheDigitalMan]

Obviously the OP is excited!  And let's face it everyone is at a different stage in their understanding of Bitcoin.

But we all knew about this halving event even back in 2009.  Every 210,000 blocks the reward will be halved.  Blocks are roughly 10 minutes apart.  Do the math.  You can pretty much say when each halving will be within a few weeks. Although I must say there have been some interesting events that altered the block times significantly for short periods of time.

This halving interests me from the perspective that it will reduce the Stock to Flow ratio from 4.6 to roughly 2.3.  Stock to flow ratio on Gold is roughly 2.2. So essentially the new production of Bitcoin will be roughly equal to that of the new production of Gold through Gold Mining worldwide.  I find that interesting and it almost makes me wonder if Satoshi Nakamoto specifically planned it that way. i.e. for Bitcoin to equal Gold in Stock to Flow Ratios after the 3rd halving?  I don't know I guess lately I've been reading up a lot on "Money" and all the various forms of it throughout history and how the stock to flow ratio affects how "Hard" the money is etc.  Satoshi was certainly no stranger to finance and I have to say the more I learn the more I admire Bitcoin and him.

Anyway... halving just around the corner... Woo Hoo!  

[gentlemand]

How about Huobi? Because I remember in a few years ago before the first halving, Huobi was a place for Chinese traders to buy and sell bitcoin. Although they don't have any exchanges, at least, the traders from China can trade in any exchanges.

Same as Okex. Chinese origin and probably owners. They moved out of China to keep going and would have a bad time if they ever attempted to move back into it. Huobi in particular seems to be where hacked and stolen funds end up so I've no doubt there are tons of Chinese folks in disguise there as well.

[babykika2027]

Right now is a great time for speculation. Main question is who would win bulls or bears?

[Ifra24]

How do you think about this

Positive trends in the two halving periods are always sweet. If you research after halving, there is litle correction before flying high. But looking at this month the influence of Covid 19 makes a little different the price of bitcoin is falling deep. This deviates from the trend of two periods before halving. So bearish or bulish, I can't determine yet.

[imstillthebest]

the reason why search if term for halving is growing its because halving is approaching but i dont see a reason that it can cause  bull run when no action is taken by the public  .

you also said that purchasing bitcoin is restricted on china ? if yes then why we think it can cause bull run ? and you said this restriction happens too on all over the world  ? well i dont think so  . many countries are now actually legalizing bitcoin  .  this can still give encouragement to us existing bitcoiners  even if no changes on the price that can happen