Bitcoin Halving 2024 Shows Most Bullish Price Setup
Bitcoin Halving 2024 Shows Most Bullish Price Setup
The fourth Bitcoin Halving, which occurred on April 20, 2024, could trigger the most bullish Bitcoin cycle yet, based on historical chart patterns combined with the presence of US Bitcoin spot ETFs.
For the first time in history, the price of Bitcoin reached a new all-time high (ATH) of around $73,800 on March 13, 2024, before the halving event. Historically, Bitcoin prices have surged to new ATH levels within 518 to 546 days after the previous halving event.
The ATH event prior to the halving, combined with institutional inflows from ten US Bitcoin spot ETFs, creates the most bullish setup for Bitcoin.
"The combination of nearly all mined BTC, early investors through ETFs, increasing demand for inflation hedging, and growing utility, all fundamental aspects of the Bitcoin value proposition are stronger than ever before," said Sukhveer Sanghera, founder and CEO of Earth Wallet.
Bitcoin Price to Remain Bullish in the Long Term
While Bitcoin price action is expected to be bullish in the long term, halvings historically are preceded by short-term corrections. The price of Bitcoin may see the end of the current downturn if it manages to rise above the $65,000 resistance.
"Historically, Bitcoin halvings are followed by downturns. Expect to see continued consolidation around the support area of around $58,000. If BTC surpasses previous highs again, then the likelihood of a rapid rise to $80,000, $90,000, or even $100,000 is high as investors tend to favor round numbers," said Temujin Louie, CEO of Wanchain.
Conclusion
the fourth Bitcoin Halving in April 2024 presents a promising outlook for Bitcoin's price trajectory, potentially initiating the most bullish cycle yet. The historical precedent, combined with the introduction of US Bitcoin spot ETFs, sets the stage for significant growth.
The recent attainment of an all-time high just before the halving further underscores this bullish sentiment, supported by institutional investments and increased demand for Bitcoin as a hedge against inflation.
However, while the long-term prospects for Bitcoin remain optimistic, it's important to note that historical patterns indicate the likelihood of short-term corrections following halving events. Despite this, if Bitcoin manages to break through key resistance levels, such as $65,000, it could signal the end of the current downturn and pave the way for rapid appreciation, potentially reaching milestones of $80,000, $90,000, or even $100,000.
Overall, while short-term fluctuations may occur, the underlying fundamentals and market dynamics suggest a bullish trajectory for Bitcoin in the foreseeable future. Investors should remain vigilant and monitor key levels as Bitcoin continues its journey through this halving cycle.
*Disclaimer:
This content aims to enrich reader information. Always conduct independent research and use disposable income before investing. All buying, selling, and crypto asset investment activities are the reader's responsibility.
