- Bitcoin is now 20,780 blocks away from the fourth halving event.
- Asset manager Ric Edelman says financial advisors are waiting for BTC Spot ETF approval to provide Bitcoin to clients.
- BTC price is on track to hit its $40,000 target according to a crypto analyst.
Bitcoin is inching closer to the anticipated fourth halving event, scheduled for April 17, 2024, tentatively. BTC price is likely to rally to its $40,000 target; analysts consider this level a “magnet” for Bitcoin.
At the time of writing, Bitcoin price is at $38,141, on Binance. BTC yielded 2.27% gains in the past week.
Also read: Kyber exploiter asks for complete control of all assets after nearly $50 million exploit
Daily Digest Market Movers: Bitcoin closer to halving event, Spot ETF approval anticipation brews
- Analysts at digital asset platform Matrixport believe Bitcoin price could hit $125,000, post the fourth halving event. Historically when mining rewards are slashed in half, Bitcoin becomes scarce and there is a rally in the asset. The target is derived from the inflation model of analysts at Matrixport.
- Bitcoin’s halving events are considered key milestones in the asset’s cycle. Halving helps counteract inflation in Bitcoin and maintain the asset’s scarcity. The fourth halving event is scheduled for April 2024 and BTC is now 20,780 blocks away from it, according to data from buybitcoinworldwide.
Bitcoin halving clock
- Bitcoin Spot ETF approval anticipation is brewing among holders. Ric Edelman, founder of the Digital Assets Council of Financial Professionals (DACFP), believes that 77% of advisors are waiting for spot Bitcoin ETF approvals to provide crypto asset exposure for clients.
- Edelman revealed that a recent survey indicated that 47% of financial advisors personally own Bitcoin, this gives credibility to their recommendation to clients, according to the asset manager.
- MicroStrategy, one of the largest BTC holding institutions added 16,130 Bitcoins to its holdings, at an average price of $36,785 per token. The business intelligence firm now holds 174,530 BTC, worth nearly $5.28 billion, with an average price of $30,252. More institutions are expected to line up to acquire BTC tokens, likely when a batch approval for Spot Bitcoin ETFs comes.
MicroStrategy has acquired an additional 16,130 BTC for ~$593.3 million at an average price of $36,785 per #bitcoin. As of 11/29/23, @MicroStrategy now hodls 174,530 $BTC acquired for ~$5.28 billion at an average price of $30,252 per bitcoin. $MSTR https://t.co/hSEZyzGBsr
— Michael Saylor⚡️ (@saylor) November 30, 2023
Technical Analysis: $40,000 is a magnet for Bitcoin
Bitcoin price sustained above the $38,000 level, yielding 1% gains on the day. Pseudonymous crypto analyst, CryptoKaleo, evaluated the Bitcoin price trend and identified $40,000, as a magnet for Bitcoin price. The analyst predicts a BTC price rally to $40,000.
BTC/USDT 1-hour chart
Alex RTB, analyst behind the X handle @rutradebtc reaffirms Kaleo’s prediction and argued that BTC is likely to hit the $40,000 target this week. The analyst identified an ascending triangle setup in the Bitcoin price chart, a bullish continuation pattern.
BTC/USDT 4-hour chart
A daily candlestick close below $37,500 is likely to invalidate the bullish thesis for Bitcoin price.
Cryptocurrency prices FAQs
How do new token launches or listings affect cryptocurrency prices?
Token launches like Arbitrum’s ARB airdrop and Optimism OP influence demand and adoption among market participants. Listings on crypto exchanges deepen the liquidity for an asset and add new participants to an asset’s network. This is typically bullish for a digital asset.
How do hacks affect cryptocurrency prices?
A hack is an event in which an attacker captures a large volume of the asset from a DeFi bridge or hot wallet of an exchange or any other crypto platform via exploits, bugs or other methods. The exploiter then transfers these tokens out of the exchange platforms to ultimately sell or swap the assets for other cryptocurrencies or stablecoins. Such events often involve an en masse panic triggering a sell-off in the affected assets.
How do macroeconomic releases and events affect cryptocurrency prices?
Macroeconomic events like the US Federal Reserve’s decision on interest rates influence risk assets like Bitcoin, mainly through the direct impact they have on the US Dollar. An increase in interest rate typically negatively influences Bitcoin and altcoin prices, and vice versa. If the US Dollar index declines, risk assets and associated leverage for trading gets cheaper, in turn driving crypto prices higher.
How do major crypto upgrades like halvings, hard forks affect cryptocurrency prices?
Halvings are typically considered bullish events as they slash the block reward in half for miners, constricting the supply of the asset. At consistent demand if the supply reduces, the asset’s price climbs. This has been observed in Bitcoin and Litecoin.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.