This is the Bitcoin Price Opportunity Ahead of the April 2024 Halving
The opportunity for Bitcoin prices is said to remain significant as it enters the positive zone again ahead of the Bitcoin Halving event in April 2024.
Bitcoin (BTC) managed to achieve positive performance in March, closing at a price of US$71,333, up by 16.62 percent, while Ethereum (ETH) closed in the range of US$3,647, gaining 9.40 percent. March 2024 also marked the end of the first quarter of 2024, with Bitcoin closing up 68.68 percent and Ethereum gaining 59.66 percent
"With the approval of the Bitcoin Spot ETF on January 10, 2024, it has had a positive impact throughout the first quarter of this year, creating new access for traditional investments to enter the crypto market. This is evidenced by Bitcoin (BTC) successfully reaching a new all-time high of US$73,750 on March 14, 2024, surpassing the previous high in 2021 at the level of US$69,000," said Crypto Expert, Panji Yudha, in a recent statement to the media.
All through the main quarter, exchanging of Bitcoin Spot ETFs with eleven SEC-endorsed ETFs has gotten an all out inflow of around US$12.1 billion. Since exchanging started on January 11, 2024, the Bitcoin Blackrock ETF (IBIT) has overwhelmed, assembling inflows of US$13.9 billion. In the interim, the Bitcoin Grayscale ETF (GBTC) experienced surges of US$14.7 billion.
In the mean time, Bitcoin ETF exchanging last week saw inflows of US$860 million, bouncing back after the past wild week, which brought about surges of almost US$888 million during the exchanging time frame from Walk 18 to 22, 2024.
This is the Bitcoin Value A potential open door In front of the Dividing
"Bitcoin (BTC) is as of now generally sideways over the course of the last week, floating around US$68,500-US$71,500, and on Tuesday (2/4/2024) morning at 08:00 AM WIB, Bitcoin (BTC) remained at US$69,310. Assuming that BTC separates at the Mama 20 help or underneath US$68,000, the Bitcoin value opportunity could keep on declining to the US$64,000 support level. In the mean time, on the off chance that BTC can hold over the US$69,000 backing or more the Mama 20, it actually can possibly test the US$73,000 obstruction region, a couple of days before the Dividing, which is assessed to happen in mid-April 2024," said Panji.
This week, the crypto asset market will come into focus in April 2024 as the Bitcoin Halving approaches. According to the countdown on Coingecko, the halving will occur in 18 days or around April 20, 2024. According to Coinglass data, on average, Bitcoin has closed up 27 percent in the second quarter during the period from 2013 to 2023.
"Therefore, it is likely that in the coming weeks, the Bitcoin price opportunity will decline towards its support area before turning bullish again at the end of the second quarter in June 2024. Meanwhile, the year-end projection for Bitcoin has the potential to close positively above the US$73,000 level, looking at what happened in the previous halvings in 2012, 2016, and 2020, where Bitcoin (BTC) always closed positively at the end of the year after the Bitcoin Halving event," said Panji.
What is Bitcoin Halving?
Bitcoin Halving is an event where the reward for mining Bitcoin transactions is halved or reduced by 50 percent to limit the issuance of BTC supply. Currently, around 19.6 million BTC has been circulated in the market, which is 93 percent of the total maximum supply of 21 million BTC.
This week, market participants will once again seek clues about the interest rate cuts by the US Federal Reserve. With several Fed officials scheduled to speak this week, notably a speech from Fed Chair Jerome Powell to gauge interest rate policy indications in his speech on Wednesday (3/4/2024).
Next, the Non-Farm Payroll (NFP) data on Friday (5/4/2024), the market estimates that around 200,500 jobs were added in March 2024, which is lower compared to previous months.
"In addition to the upcoming Bitcoin Halving event, changes in Fed interest rate policy and data on the flow of Bitcoin Spot ETFs need to be considered in assessing Bitcoin price opportunities. This week, the market will shift its focus to anticipate speeches by Fed officials and the release of Non-Farm Payroll (NFP) data. Dovish sentiment and NFP data that are in line with or lower than market expectations have the potential to have a positive impact on the crypto market this week," concluded Panji. [ps]
