Bittime - Despite a decline in inflows into ETFs prior to the halving, Bitcoin is expected to rebound to new highs as the next wave of institutional investors enters.
Bitcoin Halving April 22, 2024
Bitcoin Halving 2024: Strongest Bullish Setup for BTC Price
The fourth Bitcoin halving that occurred on April 20 is considered the most bullish Bitcoin cycle. It is based on historical chart patterns combined with the presence of physical Bitcoin exchange-traded funds (ETFs).
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For the first time in crypto history, Bitcoin price reached a new all-time high above $73,600 on March 13, before the halving event. Historically, Bitcoin prices surged to new record highs within 518 to 546 days after previous halving events.
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According to Sukhveer Sanghera, founder and CEO of Earth Wallet, the combination of almost all the BTC that has been mined, the influx of early investors via ETFs, increased demand for inflation hedges, and increased utility – all fundamental aspects of Bitcoin's value proposition are stronger than ever.
Bitcoin Price is Fluctuating, but Trending Long-Term Bullish
Although Bitcoin price action is expected to be bullish in the long term, halvings are historically preceded by short-term corrections. Bitcoin price could end the current decline if it manages to climb above the $65,000 resistance.
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Temujin Louie, CEO of Wanchain, told Cointelegraph: "Historically, Bitcoin halvings are followed by declines. Expect consolidation to continue as long as support around $58,000 holds. If BTC breaks recent highs, expect a quick rise to $80,000, $90,000, or even $100,000 because investors like round numbers.”
Bitcoin ETF Inflows Temporarily Decline Ahead of Halving
The weak price movement in the past month was mainly due to slowing Bitcoin accumulation in ten US physical Bitcoin ETFs, as net inflows turned negative on the halving week.
According to Dune, US physical Bitcoin ETFs experienced negative net outflows worth $398 million during the halving week, down from positive net inflows worth more than $199 million during the previous week.
New Investors Ready to Enter Bitcoin
Despite temporary declines in ETF inflows, the narrative around Bitcoin price movements remains positive. This indicates new investors are preparing to gain exposure to BTC.
According to Jonas Simanavicius, co-founder and CTO at Syntropy: “Early adopters from large financial institutions have entered the market, and it will take time for the next wave of institutions to prepare for their influx.
While major banks predict some downward movement in BTC post halving, I see strength in BTC due to potential new money flows and its position as a hedge against inflation.”
Simanavicius added that Bitcoin is increasingly seen as a “hedge against political tensions” amid escalating global conflict, which could enhance its status as a safe haven asset.
How to Buy Crypto from Bittime
You can buy and sell crypto assets in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime , make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn Complete Guide How to Buy Crypto on Bittime .
Monitor price chart movements of Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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Bullish Bitcoin Options Strategy to Increase Investment Profitability
Examining Bitcoin's Prospects in 2024, Bullishness Increasingly Real?
DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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