Bitcoin 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.

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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.

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