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

Bitcoin in INR: Binance, Wazirx, Cashaa, Zebpay Announce New Offers for India
Bitcoin in INR: Binance, Wazirx, Cashaa, Zebpay Announce New Offers for India Several cryptocurrency exchanges in India have recently stepped up their offerings as they wait for
SLP Token Market Cap Surpasses $50 Million
SLP Token Market Cap Surpasses $50 Million For over a year now, the Simple Ledger Protocol (SLP) token universe has grown quite vast. There are now more than 6,000 SLP tokens in
Bitcoin Reclaims Crucial Liquidity Level – No Resistance Left Below ATH
Este artículo también está disponible en español. Bitcoin is trading near the $103,000 level following a highly bullish Friday that has energized the market. The recent s
Tom Mitchelhill7 hours agoBinance and CEO Changpeng Zhao ask court to dismiss SEC suitBinance Holdings, its U.S. counterpart, and CEO Changpeng Zhao have filed motions seeking the dismissal of a lawsuit against them by t
El Salvador Drafts 20 Bills for Legal Structure of Bitcoin Bonds — Funds to Be Used to Build Bitcoin City, Buy BTC
El Salvador Drafts 20 Bills for Legal Structure of Bitcoin Bonds — Funds to Be Used to Build Bitcoin City, Buy BTC El Salvador is preparing to introduce 20 bills to provide a leg
Savannah Fortis10 hours agoGerman parliament member ’staunch opponent’ of digital euro, all in on BitcoinEuropean Union lawmakers anticipate the arrival of the digital euro, but German politician Joana Cotar is pushi
William Suberg46 minutes agoBTC price hits ‘Uptober’ up 5% — 5 things to know in Bitcoin this weekBTC price starts the celebrated month of “Uptober” with a trip past $28,000, but the question on everyone’s li
Tom Blackstone6 hours agoCrypto fund outflows reach nearly half a billion over 9 weeks — CoinSharesCrypto investment products have seen over $450 million in cumulative outflows over the past nine weeks.737 Total views5
South Africa Ransomware Attack: Justice Department Denies Receiving 50 BTC Ransom Demand
South Africa Ransomware Attack: Justice Department Denies Receiving 50 BTC Ransom Demand South Africa’s Department of Justice and Constitutional Development (DOJCD) has deni
Helen Partz10 hours agoJPMorgan subsidiary Chase UK to restrict crypto transactionsChase Bank customers in the United Kingdom will no longer be able to make crypto transactions starting Oct. 16.1627 Total views6 Total sh
Prashant Jha10 hours agoBitcoin ETF race begins: Has institutional trust returned to crypto?Seven institutional firms have filed for a spot Bitcoin ETF in the U.S., including the world’s largest asset manager BlackRock
Euro-denominated Bitcoin futures will bolster institutional adoption — CME director
Zoltan Vardai10 hours agoEuro-denominated Bitcoin futures will bolster institutional adoption — CME directorThe CME has already doubled its average daily Bitcoin trading volume since 2023, its executive director told C