The volume of daily transactions on the Bitcoin network has seen a significant decline since Jan. 28, 2024, with numbers falling from peaks above 600,000 to below 300,000 transactions per day. This downturn is in sync with a decrease in the daily creation of Ordinal inscriptions, overall easing congestion and reducing onchain fees. Network Activity […]
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According to the latest data, the countdown to the Bitcoin network’s halving event shows fewer than 10,000 blocks from becoming a reality. Further analysis suggests that the halving is anticipated to take place between April 19 and April 21, 2024, reducing the block rewards from the existing rate of 6.25 bitcoins per block to 3.125 […]
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Crypto analyst Adam Back believes there is a chance Bitcoin (BTC) could hit the $100,000 price mark ahead of the halving event in April. This prediction comes as Bitcoin continues its recovery from a rather bearish January. Data from the price tracking site, CoinMarketCap, reveals that BTC’s price gained by 11.02% in the last week, moving into the $47,000 zone.
In a post on X on February 10, Adam Back shared a Bitcoin price forecast in which he predicted the digital asset to attain a new all-time high (ATH) price before the much-anticipated halving event on April 12, 2023. Back based his projections on Bitcoin’s historical price data stating that just like on Friday, BTC crossed the $47,000 mark on October 1, 2021, in what would be a 41-day journey to its current ATH of $69,045.
1st oct 2021 #bitcoin crossed $47k like yesterday, then on it’s way to the $69k ATH. that run-up took 41 days. there are 70 days to the halving. just another data point for what it looks like, and how we may yet get a new ATH or even $100k before the halvening. pic.twitter.com/jmtQIHcenR
— Adam Back (@adam3us) February 10, 2024
The analyst explained that he anticipates that BTC will maintain its present upward trajectory, embarking on a bull run to possibly notch a new ATH within the next 70 days leading up to the Bitcoin halving event. Back’s price prediction comes across as somewhat unique as, historically, the Bitcoin bull run usually occurs months after the halving event.
However, the crypto analyst explains in subsequent responses to certain X users that he anticipates the recent launch of the Bitcoin spot ETFs to induce a bull run before the halving event. Following a rather rocky launch, the Bitcoin spot ETF market appears to have finally found its expected rhythm, with consistent positive net inflows recorded throughout last week.
Notably, on Friday, the budding ETF market experienced a total net inflow of $541.5 million, second only to the $655.3 million recorded on the first trading session on January 11. In addition, Grayscale’s GBTC continues to see a consistent decline in outflows recording a new low of $51.8 million.
Adam Back predicts that a consistent development of the Bitcoin spot ETF market over the next few weeks could trigger a bull run pre-halving, causing the asset to potentially reach the $100,000 price mark. In addition, the analyst supports Bitcoin still to repeat its bull run months after the halving event, painting a dual bull cycle.
At the time of writing, Bitcoin trades at $47,716, reflecting a 0.88% gain in its price over the last day. However, the token’s daily trading volume is down by a staggering 59.68% and is valued at $15.92 billion. Meanwhile, BTC continues to dominate the crypto market with the largest asset market cap of $936.17 billion.
BTC trading at $47,668 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Forbes, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The Bitcoin market is currently experiencing a turning point, largely driven by recent trends in Bitcoin exchange-traded funds (ETFs). Yesterday, Bitcoin’s price rose above $43,000, a movement closely tied to changing dynamics in ETF inflows and outflows, particularly involving the Grayscale Bitcoin Trust (GBTC).
On January 29, (Bitcoin ETF Day 12), a notable shift occurred. The Bitcoin spot ETFs witnessed a substantial net inflow of US$255 million, while Grayscale’s GBTC experienced a significant net outflow of $191 million. The other nine ETFs, led by Fidelity and BlackRock, saw a combined net inflow of $446 million, making it the third-highest inflow day for Bitcoin ETFs.
This scenario of high inflows and reduced outflows from Grayscale’s GBTC presents an intriguing change from previous days, where GBTC outflows dominated and weighed heavily on the market sentiment.
Crypto analyst @WhalePanda, who’s part of the “Magical Crypto Friends” YouTube channels (along with Samson Mow, Charlie Lee, and Riccardo Spagni), commented on this development, stating, “Net inflow of $250 million in a day is crazy. That’s 5800 Bitcoin being removed from the market in just one day.”
He highlighted the significance of this volume, especially when compared to the daily Bitcoin mining rate of 900 BTC. MicroStrategy bought $615 million BTC between November 30 and December 26.
While WhalePanda acknowledged that inflows will slow down one day, he expects this to happen later on. “The increased price is driving more exposure, leading to more inflows, which in turn pushes the price even higher. This is a classic example of the bull cycle flywheel mechanics at play, even before the halving,” he remarked.
The renowned crypto expert further elaborated that “the amount of Bitcoin float will significantly drop over the next couple of days and once the price starts moving with limited supply left… Things can go crazy. No, not $1 million crazy. Crazy for me is breaking ATH before halving.”
In a separate post on X, @WhalePanda expressed his outlook for the week, “This is going to be a big week for #Bitcoin. With GBTC outflows decreasing and a strong inflow day last Friday, we might be seeing the beginning of a new trend.” He emphasized the potential of this momentum to become a self-fulfilling prophecy, driving Bitcoin’s price higher.
Thomas Fahrer, co-founder of Apollo Sats, added context to these massive spot BTC figures, noting, “The 9 New ETFs hold more BTC than Tether, Tesla, Block, and all of the Public Miners combined. Soon they will surpass MSTR, and later even GBTC.”
Alex Thorn, head of research at Galaxy, commented on the potential implications for BTC’s price trajectory, especially in relation to ETH: “With Grayscale outflows appearing to slow down and other Bitcoin ETF flows remaining positive, I’m curious about the future direction of the ETHBTC cross. A lower trajectory seems like the path of least resistance in the near term.”
with grayscale outflows seeming to abate and other #bitcoin etf flows now appearing holding positive, i’m again wondering where the ETHBTC cross is headed. lower again feels like the path of least resistance near-term pic.twitter.com/DVPi1pdWP0
— Alex Thorn (@intangiblecoins) January 30, 2024
This confluence of ETF inflows, decreasing outflows from Grayscale, and the anticipation of the upcoming Bitcoin halving are creating a unique bullish market environment. However, at press time, BTC is trading below a key resistance at $43,444.
Featured image created with DALL·E, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In a post shared on X on January 26, crypto analyst BitQuant forecasts that Bitcoin (BTC) will recover from the current downtrend and surge past its all-time high of $69,000 to over $250,000 before the upcoming Bitcoin halving in April.
From the chart shared, BitQuant notes that Bitcoin is still trending inside a rising channel. Out of the multi-year uptrend that the coin is in, this channel’s next “touch” is projected to be at around $250,000.
For now, if the trend line guides, Bitcoin has immediate resistance at about $80,000. This level should be the next key target for bulls to retest. According to BitQuant, it is likely that Bitcoin will float above this line to $250,000 by April before the network automatically halves block mining rewards.
Extrapolating from the analyst’s preview, the Bitcoin uptrend remains valid until the upper limit defined by the rising trend line is “touched.” Even so, when this level will be breached is not specified.
Once this line is tested, placing the coin at over $250,000, it will likely follow its historical pattern by cooling off. The depth of this retracement is not also defined but is expected to be deep since BitQuant said the coin will “die.”
BitQuant explained that this “dying” period refers to Bitcoin’s price going below its previous all-time high. The retracement will be expected. This is common after halving since supply tends to increase as demand for the coin softens. Despite this temporary setback, BitQuant remains confident that BTC will regain momentum and continue its long-term upward trend.
Though the analyst remains bullish, it is unclear how prices will pan out for now. The United States Securities and Exchange Commission (SEC) recently approved multiple spots for Bitcoin exchange-traded funds (ETFs).
Though issuers have been ramping up purchases, Grayscale Investments have liquidated their Grayscale Bitcoin Trust (GBTC), selling shares and dumping coins via exchanges.
Recent data from Lookonchain reveals that GBTC reduced 10,872 BTC worth over $447 million on January 25. Meanwhile, eight spot Bitcoin ETF issuers added 8,744 BTC, with BlackRock adding 4,284 BTC. On January 24, GBTC reduced 13,179 BTC with Fidelity Investments, another spot Bitcoin ETF issuer, buying 4,023 BTC.
With BTC finding demand, prices have started stabilizing, looking at the development in the daily chart. The coin is steady above $39,500, rejecting the intense selling pressure of January 22.
Feature image from Canva, chart from TradingView
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
In a highly anticipated development, the United States Securities and Exchange Commission (SEC) granted regulatory approval for 11 spot Bitcoin ETFs, sparking excitement within the crypto community.
However, despite initial expectations of a significant price surge, the Bitcoin market has experienced an 8% price drop since the ETFs began trading.
Drawing a comparison with the launch of the first Gold ETF, Cantor Fitzgerald Asset Management CEO, Howard Lutnick, noted that the immediate rush to buy the asset did not materialize.
Lutnick remarks that historical data from the launch of the Gold ETF, SPDR Gold Shares (GLD), reveals that substantial price appreciation took place over several years.
When GLD was introduced in November 2004, the price of gold stood at around $700. By December 2023, it had surged to an all-time high of $2,145. The gold market capitalization, estimated at $1 trillion to $2 trillion pre-ETF approval, ballooned to $16 trillion within a few years.
Likewise, despite the initial hype surrounding the spot Bitcoin ETFs, experts suggest that the true impact of these ETFs will unfold over an extended period.
As reported by NewsBTC, market analysts at CoinShares estimate that the United States possesses around $14.4 trillion in addressable assets.
Assuming a conservative scenario where 10% of these assets invest in a spot Bitcoin ETF with an average allocation of 1%, it could potentially result in approximately $14.4 billion inflows within the first year.
These significant inflows have the potential to propel the Bitcoin price to new highs and initiate a notable price uptrend. However, as Cantor CEO Howard Lutnick predicted, the halving event, expected to occur in April, remains the primary catalyst for Bitcoin’s growth.
As the Bitcoin halving event approaches, analysis of past halvings reveals a pattern of substantial rallies leading up to the event, followed by a brief correction and consolidation period before a major bull run and peak. The peak typically occurs approximately 18 months after each halving, showcasing a consistent trend.
The first halving occurred on November 28, 2012, reducing the block reward from 50 BTC to 25 BTC. At the time of the halving, the Bitcoin price was around $13.
However, within a year, it reached a peak of $1,152. Despite a subsequent fall in price to nearly $200 in 2015, critics declared the bursting of a bubble and the demise of Bitcoin. Yet, this trend would repeat in subsequent halving cycles.
The second halving occurred on July 16, 2016, reducing the block reward to 12.5 BTC. At the time, Bitcoin was valued at $664.
The following year saw a peak of $17,760. Similarly, the third halving occurred on May 11, 2020, lowering the block reward to 6.25 BTC. Bitcoin was priced at $9,734 during the halving and peaked at $69,000 the following year.
Based on the historical cycles, it is evident that the upcoming halving scheduled for April 2024 will be a significant catalyst for Bitcoin. However, it is important to note that Bitcoin ETFs will also play a crucial role.
These ETFs are expected to positively impact the cryptocurrency’s price and bring new inflows and interest to the crypto market.
Featured image from Shutterstock, chart from TradingView.com
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
The price of Bitcoin has been on a massive bullish momentum since the approval and launch of Spot Bitcoin ETFs. However, a crypto analyst, Jason Pizzino, predicts a temporary halt in the growing trajectory, citing Bitcoin’s proximity to a crucial resistance point that could result in a significant price drop.
In a recent YouTube video published on Friday, January 12, Pizzino shared his insights into the current market conditions of Bitcoin, the world’s largest cryptocurrency. According to the analyst, the price of the top crypto is expected to drop by 20% to 22%, reaching possible support levels of $37,000 to $39,000 before the Bitcoin halving.
The halving which is expected to take place in April 2024 is an event that would see Bitcoin mining rewards cut by half to reduce the number of new coins entering the market. This reduction effectively decreases the cryptocurrency’s total supply and supposedly increases its value through scarcity.
Pizzino substantiated his predictions by pointing out that BTC is currently trading at a key resistance level in the bull market that could result in a significant price correction. He acknowledged that the excitement surrounding Spot Bitcoin ETFs has successfully pushed the cryptocurrency to its recent highs. However, the crypto analyst also highlighted a possibility of complacency following the present hype which could lead to a major price correction.
Bitcoin slides back into the $42K territory. Chart: TradingView.com
While the crypto has experienced an impressive uptrend in recent months, Pizzino emphasized the significance of understanding historical price patterns and market behaviors. He stressed the importance of being prepared for any potential correction or retracement in the price of Bitcoin.
Following the official approval of Spot Bitcoin ETFs by the United States Securities and Exchange Commission (SEC), the price of Bitcoin has been skyrocketing. The cryptocurrency surged to $49,000 on Thursday, January 11, after Spot Bitcoin ETFs had launched and investors had started trading officially.
However, Bitcoin’s price experienced a massive downturn recently after news of Vanguard restricting its customers from trading Spot Bitcoin ETFs on its platform spread. As a result, the cryptocurrency experienced a price drop below $42,000, falling more than $7000 short of its 2024 peak of $49,000.
Presently, the coin has recouped some of its lost gains and at the time of writing it’s current trading price is at $43,158.52 according to CoinMarketCap. While the dip is perceived as a temporary setback for the crypto market, it is also regarded as an opportunity to enter the market at more affordable price levels.
Featured image from Shutterstock
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
Crypto experts during the Next Block Expo conference in Berlin unanimously agreed the crypto bear market is over but emphasized a cautious approach.
Bitcoin (BTC) price has continued to showcase its stability as an investment product in the past few days. After reaching a new yearly high of around $44.5k, Bitcoin price has been ranging in a bullish pennant pattern, which could yield a fresh rally toward $48k before the end of the year. The flagship cryptocurrency has attracted significant attention from institutional investors seeking to diversify their portfolios and balance sheet assets. Trading around $44k on Thursday during the early London session, Bitcoin bulls are in control in the short term, despite the increased risk of a correction toward $32k.
The Next Block Expo conference in Berlin which concluded on Tuesday, December 5, brought together some of the top crypto experts. During an interview with Cointelegraph, Robby Yung, the Chief Executive Officer of Animoca Brands, Miko Matsumura the managing partner at gumi Cryptos Capital, Binance regional manager Jonas Jünger, and João Leite the Polkastarter business development lead unanimously agreed the upcoming Bitcoin halving has significantly rejuvenated the bullish sentiment.
According to Matsumura, the past three Bitcoin halving events, which have yielded the macro bull markets, have psychologically trained investors to incline on the next halving. Moreover, Jünger highlighted that the Bitcoin halving event has presented a phenomenon that was completely lacking in the fiat market, as most global central banks struggle with high inflation.
“Every four years, we swing the ram, and we smash. Four years is long enough that the people inside the castle think we’ve gone away,” Matsumura noted.
As a result, Yung noted that Bitcoin will continue to play the role of reserve for the web3 industry while alternative coins like Ethereum attract new players. Moreover, Bitcoin provides deep liquidity for all people without discrimination of traditional geopolitical norms.
After all these years, I finally met @mikojava IRL when we got a chance to do a panel today at @nextblockexpo in Berlin. TL;DR? We’re emerging from the bear market, and the honey badger is getting fat (ask Miko). pic.twitter.com/h0PslG3DK9
— Robby Yung ⦿⦿⦿ (@viewfromhk) December 5, 2023
The crypto experts also unanimously agreed that the ongoing Bitcoin spot exchange-traded funds (ETFs) narrative in the United States has significantly charged the bulls. Furthermore, Yung believes the potential approval will attract more than $12 billion in subsequent months. Moreover, all the funds trapped in non-performing traditional investment accounts like treasury bonds and retirement packages will gradually tap into the Bitcoin market via spot ETFs.
“All of a sudden, with this ETF vehicle, you will no longer have synthetic financial instruments that reflect the price of Bitcoin. You have an actual spot. It’s all secured. It’s all in custody,” Jünger said.
Meanwhile, the crypto experts cautioned investors to understand that another bear market will happen, hence it is prudent to prepare in advance. Ideally, Leite highlighted that the hype will cool down and only companies with long-term strategies will be rewarded.
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Blockstream CEO Adam Back said on social media that he believes Bitcoin (BTC) will likely hit $100,000 before its next halving, causing a blend of excitement and skepticism within the cryptocurrency community.
Back also believes that Bitcoin could potentially reach between $750,000 to $1 million per token under a bullish scenario. While some enthusiasts align with Back’s bullish outlook, others criticize what they see as speculative guessing in an unpredictable market.
The conversation began with a tweet from Bitcoin analyst and author Vijay Boyapati, asking if Bitcoin could hit an all-time high (ATH) before the halving. Back boldly responded with an affirmative, saying:
“That’s what I’ve been saying, my bet is $100k before the halving.”
Back’s prediction goes against the flagship crypto’s historic price trend, which has never broken above a previous cycle’s all-time high before the halving. In the past two cycles, BTC price began its breakout movements months after the halving as supply and demand settled at new levels.
Bitcoin’s current all-time high is roughly $69,000, and many believe that a monumental move above the previous high is unlikely.
However, some in the community argue that the next bull run will entail vast amounts of institutional money as spot exchange-traded funds (ETFs) related to Bitcoin finally secure regulatory approval in the U.S.
One X (formerly Twitter) user pointed out that the most recent bear cycle took BTC below its previous all-time high — something that had also been unprecedented until last year.
Many community members echoed Back’s sentiment of a bull run magnitudes greater than any that have come before due to factors like institutional investors and the mainstream acceptance of Bitcoin. Additionally, the flagship crypto enjoys a regulatory status akin to commodities like gold, even in the U.S., where watchdogs have been cracking down on the industry.
While Back’s predictions align with optimistic market sentiments and the historical tendency for Bitcoin to surge post-halving, some community members are wary — calling the prediction optimistic speculation at best.
Critics of his statement pointed out the inherent uncertainty of cryptocurrency markets, emphasizing that even expert opinions should be taken with caution. They argued that making high-stakes predictions can be misleading, especially for less experienced investors who might interpret them as guarantees.
Meanwhile, some argued that the unprecedented move would not be a positive one, with some making parodical claims of Bitcoin falling to $3,000 in the coming years.
The debate reflects the broader dichotomy within the cryptocurrency community: a clash between cautious realism and optimistic speculation. As the halving nears, these divergent views underscore the unpredictable nature of the market.
Whether Bitcoin reaches the $100k mark pre-halving as Back predicts remains to be seen, but the discussion it has spurred is a testament to the dynamic and ever-evolving narrative of Bitcoin and the wider cryptocurrency landscape.
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