As the chances of a Bitcoin exchange-traded fund (ETF) gaining approval increase, six-figure BTC price predictions are becoming more common, especially now that the April 2024 halving is less than 180 days away.
BTC Price History Patterns, Halving
Bitcoin (BTC) price trends often exhibit cyclical behavior. Analysts compared the current price trajectory to historical patterns, showing a potential bullish cycle reminiscent of 2013 to 2017.
Likewise, Bitcoin’s historical bull runs tend to follow four-year cycles, often spurred by events such as halvings, which reduce the rate at which miners can create and earn new Bitcoin.
The next halving event is set to occur in April 2024, and traditionally a bull run would likely begin a few months earlier and continue until Bitcoin prices reach new all-time highs.
The cyclical nature of Bitcoin prices is hard to deny. pic.twitter.com/q3RJ1i2blk
—filbfilb (@filbfilb) November 1, 2023
In fact, with less than 180 days until the halving, predictions that the price of Bitcoin will reach over $100,000 are becoming increasingly common.
related: Bitcoin Halving 2024: Everything You Need to Know
While some believe the upcoming halving will be the most important, others believe the outcome may be different this time around.
Bitcoin Accumulation: It’s Not Just Whales
Important stakeholders show their confidence in Bitcoin by increasing their holdings of Bitcoin. On-chain analysis reveals a trend reversal and major investors are trading more Bitcoin with the stablecoin, which could add momentum to Bitcoin prices above $35,000.
What’s more, Bitcoin “whales,” entities with at least 1,000 BTC, are showing signs of accumulation, which historically precedes major rallies.
Glassnodes data shows that Bitcoin’s cumulative trend score is currently 1 (above), showing that overall, large whale entities, which are an important part of the network, are accumulating.
Additionally, smaller entities also set accumulation records, breaking new highs in 2023.
Bitcoin ETF approval increasingly likely
In the United States, discussion surrounding a Bitcoin ETF has been heating up.
Bloomberg ETF analysts raise likelihood of Bitcoin ETF approval to 65%. If approved, such an ETF could attract more institutional investors into the space and have a positive impact on cryptocurrency prices.
Today’s main takeaway: Bitcoin market cap rose by more than $50 billion in minutes, and inflows into Bitcoin are likely less than $500 million (ratio 100:1)
A former BlackRock director said we expect $150-200 billion to flow into Bitcoin within 3 years…
— Alessandro Ottaviani (@AlexOttaBTC) October 16, 2023
Ernst & Young said that Bitcoin ETF is expected to trigger huge demand from institutions.
Cryptocurrency market sentiment high
The Fear and Greed Index in the crypto space is a barometer of investor sentiment, with a score of 72, suggesting widespread “greed” in the market.
This shift in market sentiment is a harbinger of past price increases and may be an indicator of a bullish market to come. Interestingly, this is the highest level of “greed” since November 2021, when Bitcoin reached an all-time high of $69,000.
This article does not contain investment advice or recommendations. Every investment and trading activity involves risks, and readers should do their own research when making decisions.
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