Galaxy

Bitcoin

April

<h2 id="key-points">Key Points</h2> 
<ul> 
 <li>Bitcoin’s price just spiked significantly in less than an hour, hitting prices over $64k, following a slight bearish outlook from traders.</li> 
 <li>Bitcoin is now up by over 5% in the past 24 hours, one day ahead of the halving event.</li> 
</ul> 
<p>Bitcoin’s price saw a sudden surge in price after a whole day of trading in the red. BTC is now priced just a little over $64k, up by over 5% in the past 24 hours on<a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank"> CoinMarketCap</a>.</p> 
<figure id="attachment_39640" aria-describedby="caption-attachment-39640" style="width: 100%" class="wp-caption alignnone">
 <a href="https://coinmarketcap.com/currencies/bitcoin/" rel="nofollow noopener" target="_blank"><img decoding="async" class="wp-image-39640 size-full" src="https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-28.jpg" alt="BTC price" width="1017" height="470" title="Bitcoin Price Spikes Above $64k, Over 5% In 24Hrs 2" srcset="https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-28.jpg 1017w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-28-300x139.jpg 300w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-28-768x355.jpg 768w, https://crypto.ro/en/wp-content/uploads/2024/04/BTC_1D_graph_coinmarketcap-28-750x347.jpg 750w" sizes="(max-width: 1017px) 100vw, 1017px"></a>
 <figcaption id="caption-attachment-39640" class="wp-caption-text">
  BTC price
 </figcaption>
</figure> 
<p>It seems that optimism is slowly crawling back into the markets as Bitcoin has one more day and a few hours to go until its fourth halving.</p> 
<h2 id="bitcoin-s-price-experiences-huge-volatility-ahead-of-the-halving">Bitcoin’s price experiences huge volatility ahead of the halving</h2> 
<p>Bitcoin’s price has seen high volatility during the past week, as various events took place that led to sudden price dips and&nbsp;<a href="https://crypto.ro/en/news/bitcoin-price-rebounds-4-days-ahead-of-halving/">unexpected rebounds</a>&nbsp;after the geo-political issues over the past weekend.</p> 
<p>The week began on an optimistic note and a surge in Bitcoin’s price due to <a href="https://crypto.ro/en/news/hong-kong-approves-bitcoin-ethereum-etfs/">Hong Kong’s announcement</a> regarding the approval of the first batch of Bitcoin and Ethereum ETFs. The news sparked hope for more mainstream adoption of Bitcoin and crypto in general, and related products.</p> 
<p>Also, Galaxy has recently<a href="https://crypto.ro/en/news/bitcoin-halving-potential-price-accumulation-still-in-the-cycle/">&nbsp;seemed optimistic</a> regarding more price accumulation potential ahead of the halving event, while <a href="https://crypto.ro/en/news/marathon-ceo-bitcoin-halving-rally-partially-priced-in/">Marathon</a>, stated that the halving rally is already priced in for Bitcoin.</p> 
<p>However, Goldman Sachs analysts issued a warning regarding Bitcoin’s price. They noted the&nbsp;<a href="https://crypto.ro/en/news/goldman-sachs-calls-for-caution-2-days-ahead-of-bitcoin-halving/">importance of caution</a>&nbsp;that should be taken these days against extrapolating the past cycles and the impact of the halving event, considering the respective prevailing macro conditions.</p> 
<p>BlackRock, on the other hand, continues to remain optimistic about Bitcoin and its importance. The asset management firm’s US Head of Thematics and Alternative ETFs, Jay Jacobs, addressed Bitcoin’s huge status and promise in a video published this week.</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">April is packed with rare events this year, with eyes set on the upcoming <a href="https://twitter.com/hashtag/bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">#bitcoin</a> halving – a unique process that only happens every 4 years. Tune in below to learn how this impacts bitcoin's value, and for more about investing in bitcoin ETFs: <a href="https://t.co/hCGAfGXD8E" rel="nofollow" target="_blank">https://t.co/hCGAfGXD8E</a> <a href="https://t.co/YdiJqZlFZu" rel="nofollow" target="_blank">pic.twitter.com/YdiJqZlFZu</a></p> 
 <p>— Jay Jacobs (@JayJacobsCFA) <a href="https://twitter.com/JayJacobsCFA/status/1780614865880576344?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 17, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>BlackRock’s Bitcoin ETF, IBIT, became the fastest-growing one in history, according to Larry Fink, who addressed the product’s success a while ago.</p> 
<p>Earlier today, Bloomberg’s Senior ETF analyst, Eric Balchunas, also addressed the lack of optimism regarding Bitcoin ETFs. His note offered a glimpse of hope regarding the pessimism of traders who addressed BTC ETF recent outflows.</p> 
<p>Balchunas states that this is a minor move that should not trigger an “it’s so over” ETF attitude.</p> 
<blockquote class="twitter-tweet" data-width="500" data-dnt="true"> 
 <p lang="en" dir="ltr">Some perspective on the "it's so over" ETF flows lately: <br>1. Totally normal for ETF category to cool off after breathtaking pace like this, esp w/ price down 12% in past 5 days (more on that in a minute)<br>2. It's microscopic. Over past five days the ten's net flows are -$223m,… <a href="https://t.co/Yd56QxYWMs" rel="nofollow" target="_blank">https://t.co/Yd56QxYWMs</a></p> 
 <p>— Eric Balchunas (@EricBalchunas) <a href="https://twitter.com/EricBalchunas/status/1780945051884954001?ref_src=twsrc%5Etfw" rel="nofollow noopener" target="_blank">April 18, 2024</a></p>
</blockquote> 
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p> 
<p>He explained that it’s normal for the ETF category to cool off after the high pace that it took, but this is only a microscopic number – the net flows are -$223M, which is only 1% of the ten net inflows since the launch of BTC ETFs. He also highlighted that the number is still <a href="https://crypto.ro/en/news/bitcoin-etf-inflows-surpassed-by-gbtc-outflows-for-third-straight-day/">GBTC</a>-driven.</p> 
<p>This Bitcoin halving is expected to be different compared to the previous cycles, and crypto enthusiasts are already counting the hours left until the event.</p>

Bitcoin Price Spikes Above $64k, Over 5% In 24Hrs

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