The fourth Bitcoin halving in history, which occurred on April 20th, could trigger the “most bullish” Bitcoin cycle, based on historical chart patterns combined with the presence of spot Bitcoin exchange-traded funds (ETFs) There is sex.
For the first time in crypto history, Bitcoin (BTC) price reached an all-time high of over $73,600 on March 13th, before the halving event. Historically, Bitcoin prices rose to new highs 518 to 546 days after the previous halving event.
Earth Wallet founder and CEO Sukhvir Sanghera said the record high before the halving and institutional inflows from the 10 U.S. Bitcoin spot ETFs led to Bitcoin’s It is said to have created the “most bullish setting.” He told Cointelegraph:
“With nearly all BTC mined, early investors via ETFs, increased demand for inflation hedging, and increased utility combined, the fundamental aspects of Bitcoin’s value proposition are all stronger than ever. It is.”
Bitcoin price fell 5.6% on the weekly chart to over $63,600 as of 9:58 a.m. UTC. The world’s first cryptocurrency only rose 2.85% last month, but has risen more than 50% since early 2024. TradingView The data shows.
While Bitcoin price trends are expected to be bullish in the long term, halvings are historically preceded by short-term corrections.
According to OneChain CEO Temujin Lui, if Bitcoin price can rise above the $65,000 resistance level, the current drawdown could end. He told Cointelegraph:
“Historically, Bitcoin halvings have been followed by weakness. We expect consolidation to continue as long as support around $58,000 holds. If BTC breaks out of its recent highs, investors will We like round numbers, so expect a quick climb to $80,000, $90,000, and even $100,000.”
Related: New Bitcoin whale, ETF’s unrealized gains have increased by only 1.6% — is BTC at the bottom?
Bitcoin ETF inflows temporarily slump ahead of halving
Last month’s lagging price movement was largely due to a slowdown in Bitcoin accumulation in the 10 US spot Bitcoin ETFs, as net inflows turned negative during the week of the halving.
According to , the US Spot Bitcoin ETF had negative net outflows worth $398 million during the week of the halving, down from net inflows of more than $199 million the previous week. dunes.
Despite the temporary downturn, the 10 Bitcoin ETFs have collectively accumulated over 835,000 BTC worth $53.5 billion, equivalent to 4.24% of the current Bitcoin supply.
Jonas Simanavicius, co-founder and CTO of Syntropy, said that despite the temporary downturn in ETF inflows, the narrative around Bitcoin’s price movement remains positive and that this is a new This indicates that investors are preparing to gain BTC exposure.
“Early adopters from large capital institutions are entering the market, and the next influx of financial institutions is taking time to prepare. Large banks are predicting a fall in Bitcoin after the halving, but I see Bitcoin as strong due to the potential for new capital inflows and Bitcoin’s position as a hedge against inflation.
Simanavicius added that as global conflicts escalate, Bitcoin is increasingly seen as a “hedge against political tensions” and could strengthen its position as a safe-haven asset.
Related: Bitcoin supply on exchanges will run out within 9 months — Bybit
