Fun

The 2024 Bitcoin halving is the “most bullish” setup for BTC price

News Feed - 2024-04-20 07:04:31

Zoltan Vardai13 hours agoThe 2024 Bitcoin halving is the “most bullish” setup for BTC priceDespite a pre-halving slump in ETF inflows, Bitcoin could resume its rally to new all-time highs as the next wave of institutional investors are preparing to gain exposure to BTC.17098 Total views36 Total sharesListen to article 0:00Bitcoin HalvingOwn this piece of crypto historyCollect this article as NFTJoin us on social networksThe fourth-ever Bitcoin halving, which occurred on April 20, could give rise to the “most bullish” Bitcoin cycle, based on historical chart patterns combined with the presence of spot Bitcoin exchange-traded funds (ETFs).


For the first time in crypto history, Bitcoin"s (BTC) price reached a new all-time high of above $73,600 on March 13, before the halving event. Historically, Bitcoin price rallied to new highs in 518 to 546 days after previous halving events.


The pre-halving all-time high, combined with institutional inflows from the ten United States spot Bitcoin ETFs, created the “most bullish setup” for Bitcoin, according to Sukhveer Sanghera, founder and CEO of Earth Wallet. He told Cointelegraph:“The combination of nearly all BTC having been mined, early investor via ETFs, increasing demand for inflation hedges, and increased utility — all fundamental aspects of Bitcoin’s value proposition are stronger than ever before.”BTC/USD, 1-week chart, with halving events. Source:Rekt Capital


Bitcoin price fell 5.6% on the weekly chart, to trade above $63,600, as of 9:58 a.m. in UTC. The world’s first cryptocurrency only rose 2.85% during the past month but rallied over 50% since the beginning of 2024, TradingView data shows.BTC/USD, YTD chart. Source:TradingView


While Bitcoin’s price action is expected to be bullish in the long term, halvings are historically preceded by short-term corrections.


Bitcoin price could see the end of the current drawdown if price manages to rise above the $65,000 resistance, according to Temujin Louie, the CEO of Wanchain. He told Cointelegraph:“Historically, Bitcoin halvings were followed by a slump. Expect to see continued consolidation so long as support around $58,000 holds. If BTC breaks recent highs, look for a rapid increase to $80,000, $90,000, or even $100,000 as investors favor round numbers.”


Related:New Bitcoin whales, ETFs are up only 1.6% in unrealized profit — Is the BTC bottom in?Bitcoin ETF inflows see temporary slump ahead of the halving


The past month’s lagging price action is mainly attributed to slowing Bitcoin accumulation in the ten U.S. spot Bitcoin ETFs, as net inflows have turned negative on the week of the halving.


The U.S. spot Bitcoin ETFs saw $398 million worth of negative net outflows during the halving week, down from over $199 million worth of net positive inflows during the previous week, according to Dune.Bitcoin ETF net flows. Source:Dune


Despite the temporary slump, the ten Bitcoin ETFs cumulatively amassed over 835,000 BTC worth $53.5 billion, which is 4.24% of the current Bitcoin supply.


The narrative around Bitcoin’s price action remains positive, despite the temporary slump in ETF inflows, which signals new investors preparing to gain BTC exposure, according to Jonas Simanavicius, co-founder and CTO at Syntropy:“Early adopters from large capital institutions have entered the market, and it is taking time for the next wave of institutions to prepare their inflows. While big banks predict some downward movement in BTC post-halving, I see strength in BTC due to potential new money inflows and its positioning as a hedge against inflation.


Simanavicius added that Bitcoin is increasingly viewed as a “hedge against political tensions” amid escalating global conflicts, which could bolster its status as a safe haven asset.


Related:Bitcoin supply to run out on exchanges in 9 months — Bybit# Bitcoin# Bitcoin Price# ETF# Bitcoin HalvingAdd reaction

News Feed

Sri Lanka’s E-commerce Platform Kapruka to Introduce Crypto Payments
Sri Lanka’s E-commerce Platform Kapruka to Introduce Crypto Payments Sri Lanka’s leading online retailer, Kapruka, has unveiled plans to introduce support for cryptocurren
Convergence congratulates attacker, attempts to open negotiations
Christopher Roark4 hours agoConvergence congratulates attacker, attempts to open negotiationsThe Convergence team posted a message to the Ethereum network, stating it believes the attacker ‘acted as a white hat.’401
Gareth Jenkinson10 hours agoTether freezes $873K in USDT linked to terrorist activity in Ukraine, IsraelThe stablecoin issuer freezes addresses containing $873,000 USDT linked to illicit activity in Israel and Ukraine.76
El Salvador mines 474 Bitcoin using geothermal volcanic energy
Prashant Jha43 minutes agoEl Salvador mines 474 Bitcoin using geothermal volcanic energyEl Salvador currently holds 5,750 BTC worth $354 million, accumulated over three years.356 Total views1 Total sharesListen to articl
Solana DApps volume increased by 46% in a week — Is $180 SOL the next stop? 
Marcel Pechman3 hours agoSolana DApps volume increased by 46% in a week — Is $180 SOL the next stop? An uptick in Solana’s network activity and upcoming project launches could send SOL price higher. 602 Total views
Japan’s Largest IT Service Provider Fujitsu Files Trademark Covering Crypto Trading Services
Japan"s Largest IT Service Provider Fujitsu Files Trademark Covering Crypto Trading Services Japanese tech giant Fujitsu has filed a trademark application with the U.S. Patent and
Stablecoin Issuer Tether Says It Is a Victim of a 500 BTC Ransom Demand Infoleak Threat
Stablecoin Issuer Tether Says It Is a Victim of a 500 BTC Ransom Demand Infoleak Threat Just days after the conclusion of its long-running feud with the Office o
Ezra Reguerra10 hours agoHong Kong securities regulator issues in-principle approval to HKVAXThe announcement comes after Hong Kong debuted crypto retail trading with exchanges HashKey and OSL.1871 Total views15 Total sh
Tokenizing money is the ‘greatest innovation’ after fiat — Tether co-founder
Helen Partz10 hours agoTokenizing money is the ‘greatest innovation’ after fiat — Tether co-founderStablecoins like Tether do not offer interest yields right now, but with tokenized fiat, that could be possible one
CFTC announces $1.8M settlement against brokerage firm FalconX
Turner Wright2 hours agoCFTC announces $1.8M settlement against brokerage firm FalconXThe regulator reported the firm voluntarily improved its practices after the CFTC’s civil suit with Binance and its former CEO Chang
Legends of Bezogia Reveals Sustainable Play2Earn Mechanics By Publishing Breakthrough Whitepaper
Legends of Bezogia Reveals Sustainable Play2Earn Mechanics By Publishing Breakthrough Whitepaper sponsored ZOGI Labs Ltd. reveals shocking whitepaper detailing next-level blockchain
Gareth Jenkinson9 hours agoTether’s excess reserves up to $3.3B, holds $72.5B worth of US Treasury billsTether has released its latest reserves attestation for USDT, with its excess reserves increasing to $3.3 billion