Key Bitcoin Metrics Indicate Record Highs by 2024

Bitcoin’s upcoming halving event, along with its historical price trends, increasing investments in spot Bitcoin ETFs, and bullish technical indicators, point to the possibility of BTC reaching a new all-time high. In 2024, the approval of spot Bitcoin ETFs by the SEC and a surge in the prices of Bitcoin and other cryptocurrencies propelled the market cap of Bitcoin to over $1 trillion. This growth has been accompanied by a 110% increase in the price of Bitcoin.

Many traders believe that the upcoming halving event, which is less than 70 days away, will significantly impact BTC’s price. Historical data suggests that BTC’s price tends to follow a cyclical pattern, with bull cycles occurring every four years, often triggered by halving events. The next halving is set to occur in April 2024, decreasing the BTC rewards issued to miners per block. Previous halving events have shown a positive impact on BTC’s price, with bull runs beginning months before the event and continuing until a new all-time high is reached.

Crypto trader Rekt Capital and independent investor Lady of Crypto both predict that BTC’s parabolic uptrend will occur 7 to 8 months after the halving, with BTC breaking all-time highs in November 2024. Investment manager Timothy Peterson even believes that Bitcoin will reach $100,000 by August.

In addition to the halving event, capital continues to flow into spot Bitcoin ETFs. Within a little over a month since their launch, Bitcoin ETFs have received a total of $4.5 billion in investments. BlackRock’s IBIT has had a particularly successful launch, surpassing 100,000 BTC assets under management (AuM). The demand for Bitcoin ETFs has accelerated, with an average of $450 million in daily inflows recorded.

Bitcoin’s technical set-up also suggests bullish potential. The price chart has formed a rounded bottom pattern, with a target of $69,220. A weekly candlestick close above this level would confirm a bullish breakout and pave the way for price discovery. The RSI for Bitcoin is in the overbought zone, further supporting the dominance of bulls in the market. The EMAs have also produced a bullish cross on the weekly chart.

The upcoming halving event, increasing investments in Bitcoin ETFs, and bullish technical indicators point to the likelihood of BTC reaching a new all-time high. Traders anticipate a parabolic uptrend following the halving, with BTC breaking all-time highs in November 2024.

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