Finally, we are into the most-awaited month of April 2024 with the Bitcoin halving event just 20 days from here onwards. As the countdown for the halving event ticks, the Bitcoin (BTC) price has been also showing some strength recently. As of press time, Bitcoin is trading at $69,500 levels with a market cap of $1.366 trillion.
According to crypto analyst Rekt Capital, Bitcoin has initiated the breakout process, marking the first step with a weekly close above the range high. The analyst suggests that for Bitcoin to solidify this breakout, it may need to dip into the range high to effectively retest it as new support before resuming its upward trajectory, thereby completing the second step to confirm the breakout fully. Thus, the Bitcoin price can resume its journey all the way to $75,000 as we approach closer to halving.
Interestingly, Bitcoin has also given its first-ever monthly closing above its previous all-time high of $69,000 which is yet another bullish indicator.
Morgan Creek Capital Management CEO and chief investment officer Mark Yusko stated that a major BTC price rally is likely after the halving event this month. Yusko also expects the BTC price to reach $150,000 by the end of this year. Speaking to CNBC he said:
“The big move happens post-halving. It starts to become more … parabolic toward the end of the year. And, historically about nine months after the halving, so sometime toward Thanksgiving, Christmas, we see the peak in price before the next bear market.”
Leading up to the Bitcoin halving event, it’s crucial to consider the Federal Reserve’s interest rate trajectory and the flow of BTC-spot ETF data. With the US BTC-spot ETF market closed on Friday (March 29), investors must wait until April 1 to react to the Personal Income and Outlays Report and comments from Fed Chair Powell.
Furthermore, ahead of this week, the United States is set to unveil non-farm payroll data and the unemployment rate for March.
If the BTC-spot ETF market experiences a decline in net inflows or records total net outflows during the session, Bitcoin could become more responsive to US economic indicators this week. Additionally, the sentiment toward the BTC-spot ETF market relies on continued decreases in net outflows for Grayscale Bitcoin Trust (GBTC).
GBTC observed total net outflows of $967.1 million in the week ending March 28, marking a decrease from the $2,001.3 million of net outflows recorded in the previous week.
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