As the chances of approval for a Bitcoin exchange-traded fund (ETF) increase, six-figure BTC price predictions are also becoming more common, especially now that the April 2024 halving is in less than 180 days.
Historical BTC Price Patterns, Halving
Bitcoin (BTC) price trends often exhibit cyclical behavior. Analysts have drawn parallels between the current price trajectory and historical trends, suggesting a potential bull cycle reminiscent of the 2013 to 2017 period.
Similarly, Bitcoin’s historical rises tend to follow four-year cycles, often spurred by events such as the halving, which reduces the speed at which new BTC is created and earned by miners.
The next halving event will take place in April 2024, and traditionally, bull runs can start months before and continue until the price of Bitcoin hits a new all-time high.
The cyclical nature of the Bitcoin price is hard to deny. pic.twitter.com/q3RJ1i2blk
– filbfilb (@filbfilb) November 1, 2023
In fact, predictions that the price of Bitcoin will reach over $100,000 are becoming more common now that the halving is less than 180 days away.
But while some believe the next halving will be the biggest yet, others say it could play out differently this time around.
Bitcoin accumulation: not just whales
Important stakeholders are showing confidence in Bitcoin by increasing their holdings. On-chain analytics have revealed a trend reversal, in which major investors are swapping stablecoins for more Bitcoin, which could potentially provide momentum for a rally beyond $35,000.
More importantly, Bitcoin “whales,” or entities owning at least 1,000 BTC, are showing signs of accumulation, which has historically preceded major rallies.
Data from Glassnodes shows that Bitcoin’s accumulation trend score is currently 1 (chart above), indicating that overall, the largest whale entities, which make up a large part of the network, accumulate.
Additionally, smaller entities have set accumulation records, breaking new highs throughout 2023.
Bitcoin ETF Approval Becomes Likely
The debate around Bitcoin ETFs in the United States is gaining momentum.
Bloomberg ETF Analysts Increased Probability of Bitcoin ETF Approval to 65%. If approved, such an ETF could attract more institutional investors to the sector and have a positive impact on the price of the cryptocurrency.
Today’s Main Takeaway: The Bitcoin market cap rose by over $50 billion in a matter of minutes, and it’s very likely that the money flowing into Bitcoin was less than $500 million (ratio 100 :1)
A former director at Blackrock said we can expect $150-$200 billion to be invested in Bitcoin in 3…
– Alessandro Ottaviani (@AlexOttaBTC) October 16, 2023
According to EY, a Bitcoin ETF is expected to trigger massive demand from institutions.
Crypto Market Sentiment Recovers
The cryptosphere’s Fear & Greed Index, a barometer of investor sentiment, recorded a notable score of 72, hinting at the prevailing “greed” in the market.
This change in market sentiment has been a precursor to price increases in the past and could be an indicator of an upcoming increase. Interestingly, this is the highest level of “greed” since November 2021, when Bitcoin reached its all-time high price of $69,000.
This article does not contain investment advice or recommendations. Every investment and trading move involves risk, and readers should conduct their own research before making a decision.