Bitcoin has been soaring and is close to breaking new records. One analyst believes $150,000 will be the price of Bitcoin after its halving. “programmed.” The Analyst remains The post was upbeat, and highlighted several developments in the fundamentals that may drive world’s largest coin to higher valuations. It could even be worth more than twice its current value.
The path of least opposition is currently northward. The bulls from last trading month have been beaten back by the buyers, who found support in the 20 March bull bar.
The coin surged to a high of $71,800 on April 8. Bitcoin is now cooling off but there’s still a leg up. This could be used as the basis for another breakthrough above $74,000.
If bulls want to remain in charge and be aligned with analysts’ outlooks, they need to follow through on the rally of April 8, ideally by increasing trading volume. The demand could be boosted, putting Bitcoin at new highs of 2024 and even above $74,000.
What’s Next for Bitcoin? A Squeeze in Supply on the Horizon?
According to the analyst, “Halving” The event itself is the key catalyst to this surge. Fewer than ten days The network will now reduce its block rewards from 6.25 BTC to just 3.125 BTC.
A combination of the reduction in supply and demand could lead to a price increase for Bitcoin.
Analysts said that exchanges’ BTC holdings were decreasing in the lead up to Bitcoin’s 50% halving. Coinbase, for example, has a holding level that is the lowest in six years. This isn’t an isolated incident; the data indicates that Binance and other major exchanges are experiencing a decrease in supply.
According to reports, OTC desks that handle private, large cryptocurrency transactions are running out of Bitcoin. The strong institutional demand is reflected in this. It is possible that the supply situation will only get worse in the months to come.
London and Hong Kong in the picture: Impact of Spot BTC ETFS
Analysts have noted that spot Bitcoin ETF issuers are already on a purchasing spree. They buy over $300,000,000 of BTC each day. As these exchange-traded funds (ETFs) act as agents for investors both institutional and retail, they actively inject capital into the markets, which is a major boost to prices.
The surge in the price of Bitcoin from the fourth quarter of 2023 until early January is primarily due to the expected spot Bitcoin ETFs. BTC is more liquid due to the spillover effect of the millions flowing in and its resistance against aggressive sellers.
The London Stock Exchange also plans to list Bitcoin-backed exchange traded notes (ETNs), in the second quarter of 2024. The product is similar to spot ETFs that are available in the United States. It will add liquidity and establish the cryptocurrency as a valuable asset, comparable with gold.
Securities and Futures Commissions (SFCs) in Asia are regulated by the Securities and Futures Commissions of Asia Hong Kong Will likely approve Bitcoin ETFs that have multiple positions. Leading Chinese asset managers are among the applicants.
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