The upcoming Bitcoin event on April 20, which marks the fourth halving in its history, may lead to a significantly bullish market trend due to historical patterns and the arrival of spot Bitcoin Exchange Traded Funds (ETFs).
Prior to the cryptocurrency’s halving in early March 2021, Bitcoin hit an all-time high of more than $73,600 on the 13th. This significant achievement came before past trends suggested new price records could emerge within approximately 500 to 550 days following the event.
Currently, the convergence of Bitcoin’s pre-halving record high and the surge of institutional investment through the ten US-listed Bitcoin ETFs has created an incredibly optimistic outlook among industry experts, who refer to this situation as “the most promising scenario” for Bitcoin.
Sukhveer Sanghera, the founder and CEO of Earth Wallet, expressed that the essential elements underpinning Bitcoin’s value have grown significantly more robust than ever. These factors include:
The price of Bitcoin dropped by 5.6% in the weekly analysis, yet it remains stable above $63,600 at 9:58 a.m. UTC. Based on TradingView statistics, Bitcoin has risen by only 2.85% during the past month. However, it has experienced significant fluctuations, surging more than 50% since the beginning of 2024.
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2024-04-20 15:48