The likelihood of a Bitcoin exchange-traded fund (ETF) being approved is increasing, leading to more and more predictions of six-figure BTC prices. This is especially prevalent now that the April 2024 halving is less than 180 days away. Bitcoin’s historical price patterns and the impact of halving events have been observed by analysts, who have drawn similarities between the current price trajectory and the 2013 to 2017 bull cycle. The next halving event is set to occur in April 2024, and historically, bull runs have started months before and continued until Bitcoin reaches a new all-time high.
There is a growing consensus that Bitcoin’s price could reach over $100,000 as the halving approaches. However, opinions differ on how this halving will play out compared to previous ones. While some consider it to be the most important halving yet, others suggest that it may have different outcomes this time around.
Significant stakeholders in the cryptocurrency space are showing confidence in Bitcoin by increasing their holdings. On-chain analytics have revealed a trend reversal, where major investors are trading stablecoins for more Bitcoin. This accumulation of Bitcoin by both major investors and smaller entities has historically preceded significant price rallies. Data from Glassnode shows that Bitcoin’s Accumulation Trend Score is currently 1, indicating that larger whale entities are accumulating Bitcoin. Additionally, smaller entities have been setting accumulation records throughout 2023.
The discussion surrounding Bitcoin ETFs in the United States has been gaining momentum. Bloomberg ETF analysts have upgraded the likelihood of a Bitcoin ETF approval to 65%. If approved, such an ETF could attract more institutional investors into the space and have a positive impact on Bitcoin’s price.
The overall market sentiment in the cryptocurrency space is currently leaning towards “greed.” The Fear & Greed Index, which measures investor sentiment, has reached a notable score of 72. This shift towards greed has historically preceded price rallies and could be an indicator of an upcoming bull run. Interestingly, this is the highest level of greed observed since November 2021 when Bitcoin reached its all-time high price of $69,000.
It is important to note that this article does not provide investment advice or recommendations. Every investment and trading decision involves risk, and readers should conduct their own research before making any decisions.