What to expect this Friday the 13th for Bitcoin when superstition pounces on an ecosystem that has received bad news?
Friday the 13th, shrouded in the mysticism of Western culture, stands as a day tinged by the superstition of bad luck. In this context, a disturbing question arises: what will this Friday the 13th hold for Bitcoin? Although the veil of the future does not allow us to spy on concrete answers, we will embark on a retrospective journey to unravel why this day is perceived as full of ominous omens.
The infamy of Friday the 13th does not arise from a single source; it is the result of a confluence of disparate events and beliefs. From ancient tales of Norse mythology to interpretations of Christianity and Jewish Kabbalah, various traditions have contributed to the day’s fearsome reputation.
Despite the varied roots of these superstitions, one thing is undeniable: the crypto ecosystem is immersed in an atmosphere of palpable anxiety every time this day appears on the calendar.
Friday the 13th: Bitcoin Under the Shadow of the Next Halving
With just 178 days left until the next Bitcoin Halving, the crypto community is in a state of effervescence, almost palpable, similar to the prelude to a great celebration. The impact of a Halving on Bitcoin is not limited to its own blockchain, but reverberates through other cryptocurrencies and ecosystems. Even in the absence of a bull market, Bitcoin continues to capture attention, largely due to growing interest from governments globally.
A recent post titled “Between Luck and Speculation: Bitcoin Analysis for Friday the 13th” captured attention and allowed us to delve into the enigmatic depths of Bitcoin expectations and dynamics in October.
The price of Bitcoin has remained stagnant in the last 24 hours, as if in a tense calm, anticipating the mysteries that Friday the 13th could reveal. Although it has retreated 3.2% in the last week, its 1.9% advance in the last 30 days suggests underlying resilience.
Historically, there is no evidence of a drastic drop in the value of Bitcoin just the day after; However, markets are notoriously superstitious entities. In fact, over the past 4 years, Bitcoin has experienced relatively neutral days on each of the 5 “Fridays the 13th.”
Although there is no clear pattern, trust has been breached this year, in part due to the rise of CBDCs and the recent case brought by the US Securities and Exchange Commission against Binance.
Although to many these events may seem disconnected, shocking and ecosystem-adverse revelations could undoubtedly set off a storm in the market, affecting cryptocurrencies beyond Bitcoin. This year could mark the first time that a Friday the 13th means a significant turning point for Bitcoin.
Difficulty and Profitability Become a Nightmare
In the twilight of superstitions, the reality is that Bitcoin faces constant challenges that seem straight out of an endless nightmare.
Miners, witnessing the erosion of their profits, face increasing adversity with increasing hardship, which has become a relentless source of consternation. At this time, Bitcoin mining difficulty persists on an upward trajectory that has shown no signs of slowing down over the last year.
The high difficulty that is presented seems to be at odds with the current circumstances. Although the profits for miners are not particularly attractive, the number of validators continues to increase. The more validators participating in the Bitcoin network, the greater its security. However, this robustness, paradoxically, seems to adversely affect the finances of some involved.
By Audy Castaneda
