Claim $500Bitcoin Reaches 3 Year High In Key Metric; BTC Price To $40K Next?
Cryptocurrency $BTC is historically known to have followed certain trading patterns around key events like the Bitcoin Halving. However, the cryptocurrency is currently at a strong support zone around six months before the Halving, which is set for the second quarter of 2024.
Also Read: XRP Attorney John Deaton: What To Expect From Ripple Proper Party
Bullish Environment In Crypto Ecosystem
The crypto market ecosystem had in recent times witnessed some of the pathbreaking developments like the XRP lawsuit Summary Judgment, the filing of several spot Bitcoin ETF applications and the latest victory for Grayscale in the lawsuit over conversion of its Bitcoin Trust into a spot ETF product. Hence, the trader sentiment is overall bullish although the BTC price is more or less following a sideways path. In MicroStrategy, the crypto ecosystem has a huge institutional investor to look up to when it comes to having confidence in the asset.
Small To Medium BTC Holders Display Confidence
According to Glassnode data, Bitcoin wallet addresses with more than 10 $BTC are increasingly showing resilience in its growth potential. Data showed that the number of addresses holding over 10 Bitcoin is currently at a 3 year high of 157,352, with a steady track record of growth since January 2023.
Meanwhile, further developments in the spot Bitcoin ETF space with the US SEC could likely have a big impact in October 2023, when the next deadline for the Blackrock filing is scheduled. With the recent delay, the U.S. Securities and Exchange Commission (SEC) effectively postponed the next decision deadline for the likes of BlackRock, Invesco, Bitwise and WisdomTree to mid-October 2023.
On the other side, experts forecast a surge in BTC price in the lead up to the Bitcoin Halving event, which is tentatively scheduled for April or May 2024, at block 840,000.
Also Read: Terra Luna Classic Top Validators Support Crucial Dynamic Minimum Commission Proposal
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Trump Media Invests $40M in Bitcoin as Incoming CFTC Chair Signals Crypto Clarity Act Push in January
- Aave DAO Saga Deepens as Alignment Proposal Moves to Snapshot; AAVE Price Down 7%
- Fed’s Stephen Miran Urges More Rate Cuts In 2026 To Avoid U.S. Recession
- Breaking: $4T JPMorgan Explores Crypto Trading for Institutional Clients as U.S. Banks Embrace Crypto
- Bitcoin and Ethereum ETPs See $1B in Outflows as Institutions Rotate into XRP
- Bitcoin Price Prediction As Michael Saylor Pauses BTC Purchase- Is A Fall to $74k Imminent?
- Aster launched Phase 5 Buyback Program Allocating 80% Fees. Will ASTER Price Rally?
- XRP Price Prediction: Rare Bullish Patterns Align With Powerful Catalysts
- Weekly Crypto Price Prediction: Bitcoin, Ethereum, and XRP as Market Momentum Builds
- Will Solana Price Hit $150 as Mangocueticals Partners With Cube Group on $100M SOL Treasury?
- SUI Price Forecast After Bitwise Filed for SUI ETF With U.S. SEC – Is $3 Next?
