U.S. spot bitcoin exchange-traded funds (ETFs) experienced another day of outflows, marking the fourth consecutive day of losses. The 11 funds saw 2.42 million leave on Tuesday, bringing the cumulative total net inflows to .81 billion. Grayscale, Fidelity, and Bitwise Drive Tuesday’s Outflow in Bitcoin ETFs Another day of trading brought losses for spot bitcoin […]
Bitcoin News
Keith Gill Boosts Gamestop Stake, Becomes Fourth Largest Shareholder
Keith Gill, also known by his alias ‘Roaring Kitty,’ has significantly increased his investment in Gamestop, now holding nine million shares, which positions him as the fourth largest shareholder. His portfolio value has risen to around 8 million after he strategically exercised call options to acquire additional shares at each. Gamestop’s share price fluctuated, […]
Bitcoin News
Elusive 2010 Bitcoin Mega Whale Moves 2,000 BTC Worth $138M in Fourth Transfer of 2024
Blockchain data indicates the reappearance of the elusive mega whale from 2010, who expended 2,000 BTC valued at 8 million on May 22, 2024. The large transfer marks the fourth occurrence of this whale this year, with a cumulative expenditure of 7,000 BTC worth over 6 million. Blockchain Parser Data Reveals 2010 Whale’s Bitcoin Transfers […]
Bitcoin News
Bitcoin Tipped To Attain Six-Figure Value Following Fourth Halving – Details
With the Bitcoin halving event now completed, analysts and market experts turn their attention to a much-anticipated bull run based on historical trends in the BTC market. In particular, a crypto analyst with the X handle ecoinometrics has tipped the maiden cryptocurrency to at least achieve a six-figure in the current bull cycle.
How High Can Bitcoin Rise Post Halving?
In an X post on Saturday, econometrics shared a strong bullish prediction of Bitcoin price following the fourth halving event on April 19. The crypto analyst stated that if BTC produced a similar growth pattern seen in previous bull cycles, its market price would likely range between 0,000 – ,500,000.
For context, the bull run, which forms the latter part of the Bitcoin bull cycle, occurs in the months following the halving event, according to BTC’s price history. During this period, the market leader is known to record massive price gains, as seen after previous halvings in 2012 (7,592.30%), 2016 (1,818.8%), and 2020.
Price range for Bitcoin in the 4th halving cycle:
upper bound ~ ,500,000
lower bound ~ 0,000That is *if* Bitcoin ends up following a growth trajectory in the range of the previous cycles. pic.twitter.com/s93yldJEI0
— ecoinometrics (@ecoinometrics) April 20, 2024
Econometrics stated that a repeat of such positive performance could see Bitcoin trade as high as $ 4,500,000 per unit. However, other speculators have attacked this prediction, believing BTC will likely soon experience some level of diminishing returns. Thus, such a high price level seems unfeasible.
In response, econometrics stated that Bitcoin currently operates similarly to “megacap tech stocks”, which have shown notable defiance to this economic theory. However, the analyst acknowledged that ,500,000 may be an unrealistic price target for BTC, but there is much confidence that the digital asset will achieve a mid-six-figure value.
Bitcoin Price Overview
Bitcoin is currently trading at ,043, with a modest 2.21% gain over the last 24 hours. However, its daily trading volume has declined massively, falling by 52.88% to a substantial .62 billion, underscoring decreased market activity and investor interest.
Over the past week, Bitcoin has also shown fair improvement resulting in a total gain of 1.86%. However, despite these recent gains, the monthly chart reflects a decline of 4.16%, following some significant price dips and massive liquidations in the past week.
On a larger scale, Bitcoin remains quite impressive, with its year-to-date growth percentage of 131.69%. With a market cap value of .28 trillion, the premier cryptocurrency remains the largest digital asset in the world.
BTC trading at ,270.47 on the daily chart | Source: BTCUSDT chart on Tradingiew.com
Featured image from iStock, chart from Tradingview
Fourth Bitcoin Halving Completed – Here Are The Implications
The long-awaited fourth Bitcoin halving finally occurred after BTC posted its 840,000th block. This event is significant as it is expected to have several implications for the Bitcoin ecosystem and the crypto market going forward.
What To Expect Following The Bitcoin Halving
The Bitcoin halving slashed miners’ rewards from 6.25 BTC to 3.125 BTC for each block mined. This means that Bitcoin miners are set to earn a reduced income of 450 BTC instead of the 900 BTC they earned before the fourth halving. This development is expected to have a dire effect on their operations, as NewsBTC reported that they could lose a whopping billion following the halving.
While the effects of the halving are not so pleasant for BTC miners, the halving is deemed necessary for the growth of the Bitcoin ecosystem. It makes Bitcoin (BTC) deflationary by reducing the rate at which more tokens come into circulation. This could make the flagship crypto more scarce and ultimately drive up its value, as it has done in the past three halvings.
In anticipation of history repeating itself, crypto analysts and experts have made several predictions about how high Bitcoin could rise this time post-halving. So far, the most bullish price prediction remains by Samson Mow, the CEO of Jan3 and Bitcoiner, who predicts that the flagship crypto could rise to million this year.
He added that this unprecedented price surge was possible considering that BTC’s demand is expected to continue outpacing the supply, with more institutional investors recently getting on board through the Spot Bitcoin ETFs. The imbalance between Bitcoin’s supply and demand is also why crypto analyst MacronautBTC believes Bitcoin could rise to 7,000.
Billionaire Tim Draper also agrees that Bitcoin could attain such heights based on his prediction that the flagship crypto will hit 0,000 in 2025.
Implications On The Broader Crypto Market
Crypto analyst Michaël van de Poppe recently predicted a narrative shift post-halving. He expects Bitcoin to take months to consolidate while altcoins significantly move to the upside during this period. This is plausible, considering Bitcoin doesn’t experience that parabolic price surge until about six months after the halving.
During this period, altcoins like XRP and Cardano (ADA), which have underperformed up until now, will be closely monitored as investors wait to see if they will show any sign of bullish momentum in them. Ethereum (ETH) will also be the focus of many in the crypto community as they watch how the second-largest crypto token by market cap will perform while Bitcoin (BTC) consolidates.
Interestingly, Van de Poppe expects the narrative to shift to Ethereum and projects in the Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA) sector. Therefore, such projects are also worth keeping an eye on.
Report: Bitcoin Miners Strengthen Reserves Ahead of Fourth Halving
As we near the anticipated fourth Bitcoin halving event, there are only 1,133 blocks left until we reach block 840,000, with the milestone expected to occur in about a week. Recent data from theminermag.com’s Miner Weekly on Thursday shows that bitcoin miners are conserving their reserves as the event draws close. With Halving on Horizon, […]
Bitcoin News
NFT Sales Slide Continues Amid Record Crypto Volumes, Marking Fourth Week of Decline
Over the past week, sales volume for non-fungible tokens (NFTs) experienced another week-on-week decrease, marking a 13.72% reduction. This downturn marks the fourth consecutive week of declining NFT sales, a stark contrast to the record-breaking achievements witnessed throughout other sectors in March. During this period, the splendor of trading volumes did not extend to digital […]
Bitcoin News
Bitcoin Dips Below $66,000 Ahead of Fourth Halving, Loses Over 5% in 24 Hours
The price of bitcoin experienced a decline on Monday, near 10:00 p.m. Eastern Time (ET), tumbling to a position slightly over the ,000 mark. By 6:30 a.m. the following day, it had edged down further to reach its intraday low of ,480 per unit. In the wake of this downturn, the crypto derivatives markets saw […]
Bitcoin News
Over 93% of Bitcoin Mined Ahead of Fourth Halving, Signaling New Era of Scarcity
As of the current moment, 93.6% of bitcoin’s total supply has already been mined, leaving only 1.34 million bitcoins remaining to be extracted. After the upcoming halving event, the issuance rate of the leading digital currency will decelerate, significantly reducing its availability more than ever before. Additionally, post the 2028 halving, miners will receive 1.5625 […]
Bitcoin News
Bitcoin’s Fourth Halving, Nigerian Currency Plunges, Canadian Court Rebukes Trudeau, and More — Week in Review
Anticipation is high for Bitcoin’s fourth network halving. Meanwhile, the Nigerian currency has hit a new low against the U.S. dollar, while in Canada, the Federal Court declared the freezing of crypto donations during the 2022 “Freedom Convoy” protests unconstitutional. Renowned analyst Richard Bove has predicted the end of the U.S. dollar as the world’s reserve currency, suggesting that China’s economy is set to surpass that of the U.S.
Bitcoin’s Fourth Halving May Unleash the ‘Mother of All Reorgs,’ Ordiscan Founder Predicts
The crypto community is abuzz with anticipation for the upcoming Bitcoin network halving event, projected to occur on or around April 20, 2024. This event is sparking widespread speculation about its distinct importance. As the fourth Bitcoin halving nears, a theory of a potential major blockchain reorganization, fueled by the extraordinary worth of the halving block, is seizing the attention of crypto enthusiasts.
Nigerian Currency Plunges to New Low Versus the USD, Central Bank Governor Says Naira is ‘Undervalued’
The Nigerian currency reportedly plunged to a new low versus the U.S. dollar on the official market on Jan. 25. Central Bank governor Olayemi Cardoso has said the naira is currently “undervalued” and that efforts are underway to rectify this.
Canadian Court Declares Freeze on Crypto Donations During ‘Freedom Convoy’ Protests Unconstitutional
In a judicial rebuke, the Federal Court of Canada ruled that the Trudeau government’s decision to freeze cryptocurrencies during the 2022 “Freedom Convoy” protests was unconstitutional.
Famed Analyst Richard Bove Says US Dollar Is Finished as World’s Reserve Currency — Expects China to Overtake US Economy
Renowned financial analyst with over 54 years of experience, Richard Bove, has warned that the U.S. dollar is finished as the world’s reserve currency, cautioning that China will overtake the U.S. economy. He warned that the offshoring of American manufacturing poses a significant threat to the financial sector and the U.S. dollar.
Do you expect crypto markets to be higher or lower after Bitcoin’s fourth halving? Share your thoughts and opinions about this subject in the comments section below.