Bitcoin scratches its way to 17-month high, steered there by BTC ETF hope and April halving countdown

• Bitcoin price has doubled its value year to date, rising 110 percent from the December 31 close of $16,542.
• BTC holds above the market’s midrange, measured from the yearly low to the yearly high of $35,184.
• Bitcoin halving is slated for April 2024 and is expected to kick-start next bull cycle.

Bitcoin (BTC) price has made its way to its 17-month high, levels last seen in May 2022. The surge caught many unaware as the king of crypto steadily edges north and gives the bull run vibes. With no clear pinpoint to what is fueling the rally, all signs point to either the oncoming BTC halving, or the hope of a spot BTC exchange-traded fund (ETF) launching soon. 

Also Read: Bitcoin price shakes, DTCC website crashes after BlackRock iShares BTC Trust delisting

Bitcoin halving in sight with BTC pumping hard

Bitcoin (BTC) halving is now on the horizon at barely six months out. The cryptocurrency community anticipates that the event will kick-start the next bull run cycle.

 According to analysts like Michaël van de Poppe, now is the best time to invest in altcoins, with venture capitalists (VCs) already itching to get the funding going.

Meanwhile, BTC miners remain disconcerted about this event even as investors count the days before their bags start to pump. The miners’ dread comes as the event will see a 50% slash in mining rewards, reducing from 6.25 BTC to 3.125 BTC per block. For investors, the halving is value-adding as it reduces the growth in newly mined BTC.

Miners’ operating expenses have increased in cost overtime as well. Specifically, mining infrastructure has grown more complicated and expensive. Others complain about higher electricity rates, and talk of a 30% tax on US miners has caused even more consternation. This is because BTC hash power – the power requisite for computer or hardware operations in solving different hashing algorithms – is mostly concentrated in the US. .

Bitcoin price rises toward $35,000

Bitcoin price is $34,572 at the time of writing, with the potential to soar higher as momentum remains strong. It holds above the market’s midrange, measured from the yearly low to the yearly high of $35,184.

The flagship crypto has doubled its value from the December 31 close of $16,542, shuttling past the 61.8% Fibonacci at $28,067, a crucial retracement level, on its way up. The solid thrust of the rally breached the 78.6% Fibonacci at $31,197 as well.

Increased buying pressure could see Bitcoin price extend north with a bullish psychological target of $35,000 in sight. In such an event, the most logical target would be the $35,184 level at the top of the Fibo chart.

The Relative Strength Index (RSI) oriented north suggests momentum is still rising. This is corroborated by the Awesome Oscillator (AO), whose histogram bars are also gaining in positive territory.  

BTC/USDT 1-day chart

Nevertheless, a downtrend may still be in the cards for Bitcoin price if profit-taking begins. In such a case, BTC could find support at the $31,197 level, or more likely, around the $28,067 level. In the most dire case, the slump could send the people’s crypto to the $25,869 level.

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