Bitcoin ETF Approval and April 2024 Halving Event Fuel Predictions of a Six-Figure Value Surge
Summary:
The likelihood of a Bitcoin exchange-traded fund (ETF) being approved is increasing, resulting in rising predictions of Bitcoin reaching over $100,000, especially with the approaching Bitcoin halving in April 2024. Historically, Bitcoin prices have followed cyclical patterns, often influenced by events like the halving. Significant stakeholders are appearing to accumulate more Bitcoin, anticipating a potential rally. The discussions around Bitcoin ETFs are gaining momentum in the U.S, and if approved, it could attract more institutional investors and positively impact Bitcoin's price. The crypto market's sentiment seems to favor "greed," potentially indicating an upcoming bull run.
With the likelihood of a Bitcoin ETF (exchange-traded fund) getting the green light increasing, predictions of a Bitcoin value exceeding $100,000 are on the rise, especially as we approach the Bitcoin halving event slated for April 2024 which is less than six months away. Historical trends often influence Bitcoin's price, with cycles of ups and downs quite common.
The alignment of present Bitcoin value trends with past values suggests the possibility of an upward swing akin to the one observed in the span from 2013 to 2017. Consistently, Bitcoin's impressive price surges follow a four-year pattern, often catalyzed by events like the halving that sees a slash in the creation rate of new Bitcoins and the earnings of Bitcoin miners.
The next halving is scheduled for April 2024, and if history repeats itself, we could witness a bull run that begins months ahead and carries on until Bitcoin registers a fresh record high. A recent tweet by filbfilb (@filbfilb) on Nov 1, 2023, highlights the undeniable cyclicality of Bitcoin's price.
Forecasts indicating that Bitcoin might break the $100,000 ceiling are more frequently heard now, given the impending halving event in less than half a year. Not everyone agrees that the upcoming halving will be a blockbuster event, with some expressing their thoughts that this time could be different.
Significant stakeholders are expressing faith in Bitcoin by expanding their holdings. Data from on-chain analytics indicates a reversal in trends, with big investors swapping stablecoins for more Bitcoin, a move that could possibly propel a rally beyond the $35,000 mark.
Bitcoin "whales" or entities possessing a minimum of 1,000 BTC are seemingly in accumulation mode, usually a precursor to substantial rallies. Glassnode's data reveals Bitcoin's present Accumulation Trend Score to be 1, implying that the larger entities or "whales" are accumulating. Notably, smaller entities are also setting new accumulation records throughout 2023.
Discussions revolving around Bitcoin ETFs in the U.S. are gaining traction. ETF analysts at Bloomberg have upgraded the odds of a Bitcoin ETF endorsement to 65%. Approval of this ETF could draw a larger number of institutional investors into the fold, positively affecting Bitcoin's price according to a tweet by Alessandro Ottaviani (@AlexOttaBTC), dated Oct 16, 2023.
Furthermore, EY anticipates a surge in institutional demand should a Bitcoin ETF receive the nod. Mirroring this positive outlook, the Fear & Greed Index, which maps investor sentiment in the crypto market, logged a significant score of 72, suggesting a prevalent mood of "greed".
Historically, such shifts in market sentiments have signaled price rallies and might point towards a forthcoming bull run. The current "greed" level is at its highest since November 2021 when Bitcoin hit its all-time high of $69,000. Please note that this article does not provide any investment advice or recommendations. Investments and trading moves are laden with risks, hence it's advisable for readers to do their own research prior to any decision making.
Published At
11/2/2023 2:20:00 PM
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