2024

Bitcoin ETF

Bitcoin

April

On Monday, January 1, the Bitcoin (BTC) price gave a strong bounceback gaining more than 7% and <a href="https://coingape.com/btc-price-bitcoin-etf-approval/" target="_blank" rel="noopener">shooting past $45,000 levels</a>. Everyone is awaiting the spot Bitcoin ETF approval which shall tentatively happen by the next week around January 10. 
<h3 id="bitcoin-price-above-50-000">Bitcoin Price Above $50,000</h3> 
As per the recent Matrixport report, the Bitcoin funding rate has stayed at heightened levels, suggesting that crypto traders maintain a strong bullish outlook and anticipate the imminent approval of a Bitcoin ETF. With the Bitcoin dominance indicator declining to 50.3%, there are indications that an altcoin season may be on the horizon, propelling the entire crypto market. 
While Tether minting activities, a signal of fiat-to-crypto inflows, are not increasing, the ongoing price rally implies a scarcity of sellers in the market, pushing prices higher. Currently, the funding rate has reached a new high at +66%, meaning long positions pay shorts an annual rate of 66% to maintain their positions. 
<figure id="attachment_171895" aria-describedby="caption-attachment-171895" style="width: 100%" class="wp-caption aligncenter">
 <img decoding="async" class="size-full wp-image-171895" src="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-Funding-Rate.png" alt="" width="1640" height="938" srcset="https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-Funding-Rate.png 1640w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-Funding-Rate-300x172.png 300w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-Funding-Rate-1224x700.png 1224w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-Funding-Rate-768x439.png 768w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-Funding-Rate-1536x879.png 1536w, https://coingape.com/wp-content/uploads/2024/01/Bitcoin-BTC-Funding-Rate-150x86.png 150w" sizes="(max-width: 1640px) 100vw, 1640px">
 <figcaption id="caption-attachment-171895" class="wp-caption-text">
 Courtesy: <a href="https://www.matrixport.com/institutions/research/daily-insights/811" target="_blank" rel="noopener">Matrixport</a>
 </figcaption>
</figure> 
This dynamic in the futures market squeezing the spot market is expected to drive Bitcoin beyond the $50,000 target level for January 2024, which now appears reasonably attainable. There is even speculation that Bitcoin could surpass $50,000 by the end of the current week. 
<h3 id="btc-miner-activity-on-the-rise">BTC Miner Activity on The Rise</h3> 
Market analysts have already started looking past the Bitcoin ETF approval as many believe this could be a <a href="https://coingape.com/btc-price-can-retest-37000-in-january-bitcoin-etf-approval-heres-why/" target="_blank" rel="noopener">sell-the-news</a> event. Some market analysts have already started looking forward to the Bitcoin halving event in April 2024. The BTC miner activity has already skyrocketed in recently over the past week. 
<blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
 Bitcoin miners absolutely EXPLODED higher in the 8 days following this tweet. 
 Contrary to popular opinion, Wall Street does not know everything. 
 Importantly, Wall Street still has not priced in $60,000 or $100,000 Bitcoin yet. 
 The big move in miners hasn’t even begun. Breathe. <a href="https://t.co/iXbNCr7wbf">https://t.co/iXbNCr7wbf</a> 
 — Mike Alfred (@mikealfred) <a href="https://twitter.com/mikealfred/status/1741959949230674181?ref_src=twsrc%5Etfw">January 1, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
According to the Matrixport <a href="https://www.matrixport.com/institutions/research/daily-insights/811" target="_blank" rel="noopener">report</a>, Bitcoin mining companies are showing a trend of limiting supply around the upcoming halving cycles, anticipated for April 2024. This strategic move could contribute to a potential supply shortage in the market. The report highlights the possibility of a surprising Bitcoin price surge in the coming year. 
Matrixport emphasizes that historical trends indicate a robust rally in BTC prices during halving cycles, coinciding with the US election cycle. The average return for BTC during the years 2020, 2016, and 2012 was an impressive +192%. The report speculates that this pattern could propel Bitcoin toward the previously set target of $125,000. 
The target was established in July 2023 based on Matrixport’s ‘one-year-new-high’ indicator. Additionally, the report draws a parallel to the strong performance of US stocks during US election years, with only two down years (2008 and 2000) since 1960. 
The post <a href="https://coingape.com/bitcoin-btc-funding-rate-at-66-altcoin-season-to-begin-soon-says-matrixprot/">Bitcoin (BTC) Funding Rate At 66%, Altcoin Season to Begin Soon, Says Matrixport</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

Bitcoin (BTC) Funding Rate At 66%, Altcoin Season to Begin Soon, Says Matrixport

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