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Bitcoin

April

With only 10 days left until the much-awaited&nbsp;<a href="https://cointelegraph.com/news/bitcoin-halving-2024">halving</a>, Bitcoin is still trading above the $70,000 psychological level, bolstering bullish long-term price predictions from market analysts.
Following the halving, Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price could appreciate over 160% to reach a cycle top of above $150,000, according to a research report by Bitfinex analysts shared with Cointelegraph.
<blockquote data-ct-non-breakable="true">
 “Using a straightforward regression model, we predict a 160% post-halving price surge in the next 14 months, taking the price to between $150,000 - $169,000.”
</blockquote>
Bitcoin fell 2.2% in the 24 hours leading up to 11:50 am UTC to trade at $70,694. The world’s first cryptocurrency is up over 7.5% on the weekly chart, <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener nofollow">according</a> to CoinMarketCap data.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/8a4a9d69-f063-4190-be5b-79997f8ddef2.png" alt="" title="">
 <figcaption style="text-align: center;">
 BTC/USDT, one-month chart. Source: CoinMarketCap
 </figcaption>
</figure>
However, the analysts note that there is more built-up selling pressure than in previous cycles due to Bitcoin hitting a <a href="https://cointelegraph.com/news/bitcoin-price-sets-new-record-high-69k">new all-time high</a> before the halving for the first time in crypto history. 
While this is a sign of confidence for Bitcoin bulls, it could also introduce significant selling pressure, as 1.87 million BTC, or 9.5% of the circulating supply, was bought above the $60,000 mark. The analysts noted:
<blockquote data-ct-non-breakable="true">
 “This underscores the active engagement of Short-Term Holders at higher prices, reflecting evolving ownership dynamics amidst market activity and institutional influence through spot ETFs. Increased entity movement suggests a shift in the cycle towards the gradual distribution of dormant supply and profit-taking.”
</blockquote>
However, Bitcoin prices could see a sharp decline during the halving period due to the Federal Reserve’s quantitative tightening, <a href="https://cointelegraph.com/news/bitcoin-halving-crypto-firesale-arthur-hayes-heatwave">which is removing liquidity from markets</a>.&nbsp;Arthur Hayes, the co-founder of BitMEX, wrote in an April 8 blog post:
<blockquote data-ct-non-breakable="true">
 “That is why I believe Bitcoin and crypto prices in general will slump around the halving [...] It will add propellant to a raging firesale of crypto assets.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/how-high-can-bitcoin-go-180k-btc-price-prediction">How high can Bitcoin go? New BTC price prediction sees cycle top at $180K</a>
<h2 data-ct-non-breakable="true" id="bitcoin-etfs-amass-4-28-of-circulating-btc-supply">Bitcoin ETFs amass 4.28% of circulating BTC supply</h2>
The inflows from the United States spot Bitcoin exchange-traded funds (ETFs) have been a significant part of Bitcoin’s price rally. 
By Feb. 15, the <a href="https://cointelegraph.com/news/bitcoin-etfs-about-75-new-investment">Bitcoin ETFs accounted for about 75%</a> of new investment in the world’s largest cryptocurrency as it surpassed the $50,000 mark, according to CryptoQuant research.
Since their launch, the Bitcoin ETFs have amassed over 841,900 BTC, worth $59.2 billion, which represents 4.28% of the Bitcoin’s circulating supply.
With the accumulation pattern of the past two weeks, the Bitcoin ETFs are set to absorb 2.6% of Bitcoin supply per year, <a href="https://dune.com/hildobby/btc-etfs" target="_blank" rel="noopener nofollow">according</a> to Dune.
<figure data-ct-non-breakable="true">
 <img src="https://s3.cointelegraph.com/uploads/2024-04/3cd283bd-5f3c-4e00-a7c6-3fea8a8c58e3.png" alt="" title="">
 <figcaption style="text-align: center;">
 Bitcoin ETF Flows chart. Source: Dune
 </figcaption>
</figure>
Bitcoin ETFs amassed over $500 million worth of net inflows last week, with a total of $286 million worth of daily net inflows on April 8, during this week’s first trading day, <a href="https://dune.com/queries/3430945/5762640" target="_blank" rel="noopener nofollow">according</a> to Dune data.
Related: <a href="https://cointelegraph.com/news/bitcoin-mining-profitability-wont-fall-halving">10 days until halving: Bitcoin mining profitability won’t necessarily fall</a>

With 10 days to the halving, analysts predict $150K Bitcoin top

目次

Cointelegraph

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