And what to expect next.
The Bitcoin halving, one of the most anticipated crypto events in 2024, is less than a month away, and miners seem to be in full preparation for its aftermath. The April event is expected to slash mining rewards on the Bitcoin network in half, making the validation of transactions less lucrative. As of now, miners […]
But the market for cryptocurrencies and blockchains that deliver consumer and business benefits is likely to be bigger than the one for “digital gold,” says Paul Brody, head of blockchain at EY.
Major mining firms expect the Bitcoin halving to reduce profitability and cause an increase in network fees, which could challenge the existence of less efficient miners.
Several months ago, the halving was expected to take place on April 28; now it's on track to land on April 18. Blame the surge in bitcoin's price, which has attracted more mining power and sped up the network.
Bitcoin price has historically retraced ahead of previous Bitcoin halvings, but when will it bounce back?
“Everyone who wanted to buy into the halving mostly has,” said Capriole Fund founder Charles Edwards.
Bitcoin’s recent downturn has prompted renowned crypto analyst Willy Woo to offer a fresh perspective on the cryptocurrency’s future trajectory. Woo’s analysis, based on the surge in Bitcoin’s Macro Index, suggests an optimistic outlook for the leading digital currency, potentially indicating a pivotal shift in market dynamics. Unveiling Bitcoin Double Pump Prediction Willy Woo, a figure well-respected in the cryptocurrency analysis sphere, has recently shared insights that paint an intriguing future for Bitcoin. Related Reading: Bitcoin Plunges Under $63,000, Here’s Where Next On-Chain Support Is According to Woo, the notable increase in the Bitcoin Macro Index could signal more than just a recovery; it might be the precursor to a rare “double pump” cycle. Drawing parallels with the market patterns 2013, Woo’s forecast points towards two significant price surges for Bitcoin in the coming years. He anticipates the first peak by mid-2024 and a second, even more substantial top in 2025. This dual surge scenario, though historically uncommon, aligns with Woo’s analysis of current market conditions and Bitcoin’s intrinsic growth potential. At the rate the #Bitcoin Macro Index is pumping, I wouldn’t be surprised if we get a top by mid-2024, which would hint at a double pump cycle like 2013… a second top in 2025. pic.twitter.com/i2a0V5ytPv — Willy Woo (@woonomic) March 19, 2024 Navigating Through The Bearish Terrain Meanwhile, the past week has not been kind to BTC, with the asset experiencing a roughly 10% decline. This downward trend extended over the past 24 hours, seeing Bitcoin’s value dip by 4.9%, bringing its price to around $65,000—a sharp fall from its recent peak above $73,000. Amid this bearish price action, IntoTheBlock, a notable crypto analytics firm, suggests the $61,000 level as a critical demand zone, highlighted by the significant volume of Bitcoin purchased at this price point. This area is deemed attractive for accumulation by institutional investors and large-scale traders, suggesting a possible recovery in the near future. Bitcoin is looking for support. But where will it find it? The $61k range could be a key area to keep an eye on. 805k addresses acquired over 466k BTC at this level, indicating a healthy appetite for $BTC around that level. pic.twitter.com/XYw7LSC6Ji — IntoTheBlock (@intotheblock) March 19, 2024 Additionally, as Bitcoin navigates its current market challenges, cryptocurrency analyst Charles Edwards points out that a typical pullback during a Bitcoin bull run amounts to about 30%. Related Reading: FOMC Preview: Bitcoin and Crypto’s Fate Tied To Fed Rate Move With BTC having experienced its longest winning streak in history, a corrective dip to $59,000 or even $51,000, as per some predictions, remains within the realm of possibility. A normal Bitcoin bullrun pullback is 30%. Back in December, we were already in the longest winning streak in Bitcoin’s history. A 20% pullback here takes us to $59K. A 30% pullback would be $51K. These are all levels we should be comfortable expecting as possibilities. — Charles Edwards (@caprioleio) March 19, 2024 These levels represent potential buying opportunities for investors looking to capitalize on Bitcoin’s cyclical nature and its anticipated ascension post-pullback. Featured image from Unsplash, Chart from TradingView
With April’s “halving” set to cut mining rewards by half, Bitcoin miners are upgrading to more efficient mining machines, cutting costs, finding cheaper sources of power and exploring mergers and acquisition opportunities.
The bitcoin mining software and services company partnered with Bitnomial to offer cash-settled hashrate futures.
As BTC gets Wall Street approval and developers build new applications on the network, Bitcoiners are ditching some of their previous siege mentality.
When Kgothatso Ngako launched Machankura two years ago, he enabled Africans to transact bitcoin via feature phones for the first time. Now, he’s on the verge of helping Africans self custody their bitcoin, as well.
Bitcoin’s futures market is showcasing signs that have historically signalled bullish sentiment. Analysts are turning their attention to the Bitcoin futures basis—a metric representing the differential between the futures price of Bitcoin and its spot price. Recent data has revealed that this basis has escalated to unprecedented levels since Bitcoin’s all-time high of $69,000 in November 2021. Related Reading: Bitcoin’s 2024 Forecast: Analyst Predicts $60,000 Surge Before Halving And New ATH By Q4 Bullish Indications From Bitcoin Futures Deribit’s Chief Commercial Officer, Luuk Strijers, has highlighted the current state of the Bitcoin futures basis, which ranges between 18% to 25% annually, a rate reminiscent of the market conditions in 2021. According to Strijers’s comment, this elevated basis is not just a number but a lucrative opportunity for derivatives traders. By engaging in trades that involve buying Bitcoin in the spot market and simultaneously selling futures contracts at a premium, traders can secure a “dollar gain” that will materialize at the contract’s expiry, irrespective of Bitcoin’s price volatility. Strijers further noted that this strategy is particularly appealing in the current climate, fueled by the influx of new investments following the approval of Bitcoin ETFs and anticipation surrounding the Bitcoin halving event. The significance of the heightened futures basis extends beyond the mechanics of derivatives trading. It further reflects broader market optimism, “bolstered” by recent regulatory approvals and macroeconomic factors influencing cryptocurrency. The disparity between Bitcoin’s spot and futures prices suggests a confident market outlook, propelled by the anticipation of continued investment inflows and the impact of the upcoming Bitcoin halving. Such conditions create a fertile ground for Bitcoin’s value to surge, as historical precedents have often linked bullish futures basis rates with periods of substantial price appreciation. Market Sentiment And Halving Cycles While Bitcoin’s current market performance exhibits a bearish trajectory, with a 3.9% dip bringing its price to $68,203, market analysts advise against interpreting this as a negative signal. Rekt Capital, a respected figure in crypto analysis, views the recent price correction as a “positive adjustment” preceding the much-anticipated Bitcoin halving in April. Halving events, which reduce the block reward for miners, thus slowing the rate of new Bitcoin entering circulation, have traditionally catalyzed significant price rallies due to the resulting supply constraints. Rekt Capital’s analysis parallels current market movements and historical patterns observed in previous halving cycles. Related Reading: The $69,000 Bitcoin Question: Expert Forecasts When Price Will Breakout According to the analyst, despite the swift pace of these cycles, they exhibit a consistent sequence of a pre-halving rally followed by a retracement phase—both of which align with Bitcoin’s current trajectory. This cyclical perspective suggests that the recent dip is merely a temporary setback, setting the stage for the next bullish phase post-halving. #BTC Though there are signs of BTC experiencing an Accelerated Cycle… History still continues to repeat, nonetheless$BTC broke out into a “Pre-Halving Rally” right on schedule And now, #Bitcoin is transitioning into its “Pre-Halving Retrace” right on schedule#Crypto https://t.co/Egqxs9ritl pic.twitter.com/lj0IdQtBEE — Rekt Capital (@rektcapital) March 15, 2024 Featured image from Unsplash, Chart from TradingView
Amid the bullish sentiment around the crypto landscape, the Altcoin overall market cap has displayed positive strength as many investors and traders are throwing capital into several altcoins ahead of the bull cycle. Altcoin Market To Rally Toward $425 Billion Since Bitcoin has surged to a new record high, many cryptocurrency analysts anticipate a surge in the altcoin market cap. Rekt Capital, a cryptocurrency expert and trader, has shared a positive prediction regarding the altcoins market cap with the community on X. The expert analysis delves into the current state of the market and its potential to surge higher in the coming months. His projections came in light of the altcoin season index showing advancement, which suggests that its season is almost here. Related Reading: Crypto Analyst Projects $7 Trillion Market Cap For Altcoins – Here’s When According to the analyst, the market has been “redirected into the blue-circled testing area,” which was caused by rejection from the “red-circled circle zone.” However, the market has rebounded since then, indicating an increased interest from market investors. Furthermore, Rekt Capital noted that the market has surpassed the “$315 billion red line of resistance.” As a result, the red line resistance level has now been changed to a “new support level.” Due to this, the crypto analyst anticipates a surge to the “light blue circle” at the $425 billion threshold in the upcoming months. The post read: The red-circled area rejected the Altcoin Market back into the blue-circled retesting zone. Since then, the Altcoin Market Cap has recovered, broken beyond the red $315bn resistance, and turned recently into new support. Next is the light blue circle, over time. However, Rekt Capital also asserted in another recent post that the “$315 billion mark is still being retested by alts market cap new support.” It has been unable to move past it despite today’s double-digit declines on several altcoins. Even though the market is still retesting the aforementioned level, Rekt Capital is confident that it will “revisit the $425 billion resistance” soon. He anticipates the market revisiting the level before the Bitcoin Halving event, expected to take place in April. Alts Gains Are Sustable And Likely To Crash Chief Executive Officer (CEO) of Bitcoin technology firm JAN3, Samson Mow, has also shared his insights regarding the altcoin market. Despite anticipating a rise in the altcoin market, Mow highlighted that he expects alts to “crash in the upcoming weeks.” Related Reading: Altcoin Market Cap Break From “Wyckoff Accumulation Phase”: Will Ethereum, XRP Fly? According to Mow, alts have been monitoring the “increase in Bitcoin” after launching BTC Spot Exchange-Traded Funds (ETFs). However, altcoins do not possess “the $500 million to $1 billion” daily inflows seen with Bitcoin. Consequently, this should be the “major sign” that their gains “can not” be maintained. “MSTR has a $30 billion market cap, Solana is $73 billion. That is absurd. A correction is overdue,” he added. Featured image from Shutterstock, chart from Tradingview.com
Benchmark analyst Mark Palmer initiated coverage of Bitdeer on Thursday, issuing the miner with a “buy” rating and setting a price target of $13.
Rising Bitcoin ETF inflows and increasingly favorable technicals suggest that BTC price might rise above $90,000 in the coming weeks.
Along with the growing retail interest, Bitcoin transfers to Coinbase have also started to surge. Are investors preparing to take profit?
A closer look at the upcoming halving’s potential to usher in more sustainable mining practices.
Analysts expect Bitcoin price to breach $150,000 by the end of 2025, driven by the upcoming halving and the demand introduced by Bitcoin ETFs.
Bitcoin is currently priced at $68,300, a mere 1% off its all-time high of $69,000.
Bitcoin miners in the United States explain how energy-efficient models will help keep operations profitable post-halving.
The new service should speed things up for large and/or non-standard Bitcoin transactions.
Bitcoin price surged to $53,000 today. Cointelegraph explains why.
According to Grayscale, Bitcoin ETFs can fundamentally change the cryptocurrency’s demand-supply ratio, counterbalancing the halving’s sell pressure.
Ether strength is one of the three current key themes in the crypto industry alongside DeFi growth and selling pressure on Bitcoin miners, Coinbase analysts say.
Any retrace in the price of Bitcoin over the next two weeks could be investors’ last chance to scoop up Bitcoin at “bargain-buying" prices, says pseudonymous trader Rekt Capital.
The Bitcoin halving could spell a great deal of pain for Bitcoin miners if the price of BTC fails to surge, though hedging strategies could mitigate this risk.
The Bitcoin halving has proven to be an important benchmark for traders trying to time the market, but how could the new spot BTC ETFs affect this trend?
Morgan Greek Capital CEO gives less than 50% odds a spot Ethereum ETF will be approved in the U.S. this year.
Bitcoin is likely to reach $1 million quickly due to a “torrent of money” coming from institutional investors in 2024, according to the Jan3 CEO.