Bitcoin

April

Shiba Inu

The fourth Bitcoin halving, occurring on April 20, might initiate the “most bullish” cycle for <a href="https://www.investopedia.com/investing/bitcoin-etfs-explained/" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">Bitcoin</a>, influenced by historical trends and the introduction of spot Bitcoin exchange-traded funds (ETFs).
On March 13, Bitcoin’s value soared to an unprecedented high of over $73,600, anticipating the halving event.
This milestone was historically followed by significant price surges between 518 to 546 days after previous halvings.
According to Sukhveer Sanghera, founder and CEO of Earth Wallet, the confluence of factors surrounding this halving presents an exceptionally optimistic outlook for Bitcoin.
“The combination of nearly all BTC having been mined, early investor via ETFs, increasing demand for inflation hedges, and increased utility — all fundamental aspects of Bitcoin’s value proposition are stronger than ever before,” Sanghera explained to Cointelegraph.
Despite a minor 5.6% dip in its weekly performance, Bitcoin was trading above $63,600 as of late April, showcasing a modest 2.85% monthly gain and an over 50% increase since the start of 2024, as per TradingView data.
Bitcoin’s price trajectory is predicted to maintain bullish momentum in the long term, despite typical short-term corrections following halvings.
Temujin Louie, CEO of Wanchain, anticipates potential fluctuations but remains optimistic. “Historically, Bitcoin halvings were followed by a slump.
Expect to see continued consolidation so long as support around $58,000 holds.
If BTC breaks recent highs, look for a rapid increase to $80,000, $90,000, or even $100,000 as investors favor round numbers,” Louie stated to Cointelegraph.
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Prior to the halving, Bitcoin ETFs experienced a downturn in accumulation, with net inflows turning negative during the halving week.
The U.S. spot Bitcoin ETFs registered $398 million in net outflows, contrasting with the prior week’s $199 million in net inflows, according to data from Dune.
Nevertheless, these ETFs collectively hold over 835,000 BTC valued at $53.5 billion, constituting 4.24% of the available Bitcoin supply.
Despite this dip in ETF inflows, the broader narrative surrounding Bitcoin remains positive.
Jonas Simanavicius, co-founder and CTO at Syntropy, underscores the continuing interest from major institutional players.
“Early adopters from large capital institutions have entered the market, and it is taking time for the next wave of institutions to prepare their inflows.
“While big banks predict some downward movement in BTC post-halving, I see strength in BTC due to potential new money inflows and its positioning as a hedge against inflation,” he remarked.
Simanavicius also highlighted Bitcoin’s growing reputation as a “hedge against political tensions,” enhancing its appeal as a secure asset amid global uncertainties.
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Bitcoin’s Fourth Halving Sparks Bullish Outlook Amid ETF Growth and Record Highs

Crypto Intelligence

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