12 Days Until Bitcoin Halving: Why $100,000 Isn’t Much Further Away
April 08 2024 - 4:00AM
NEWSBTC
With the fourth Bitcoin halving just 12 days away, the community is
buzzing with anticipation, speculating on the potential for Bitcoin
to breach the significant $100,000 threshold. Joe Consorti of Theya
Research has offered a comprehensive analysis, diving into the
intricacies of Bitcoin’s current market position and the factors
that might catapult its value to new heights. This event, a
cornerstone in Bitcoin’s design to halve the rewards for mining new
blocks every four years, historically triggers a bullish momentum,
and the present scenario appears to be aligning with past
precedents. The Significance Of Bitcoin’s Consolidation Phase
Consorti’s analysis titled, “Bitcoin’s 4th Halving Is [12] Days
Away, and $100,000 Isn’t Much Further Behind It”, begins with a
deep dive into Bitcoin’s ongoing consolidation phase, which he
argues is a critical period that precedes a potential bull run.
“Bitcoin continues its consolidation. In keeping with its previous
phases of consolidation at $30k and $40k, BTC spends several weeks
at key psychological price levels exchanging hands between buyers
and sellers before advancing higher,” Consorti stated on X. Related
Reading: FOMO Gives Way To Fear: Bitcoin-Ethereum Ratio Signals
Shift In Crypto Sentiment He emphasizes that this is the sixth week
of Bitcoin’s consolidation above $60,000, marking the least
volatile period at this price level and following a new all-time
high. This, according to Consorti, signals a strong market
confidence that could be the foundation for the next surge. The
analysis further explores the broader market dynamics, particularly
the correlation breaks within the current cycle that have made the
stock market an unreliable indicator of US economic sentiment. “The
market at large has experienced massive correlation breaks this
cycle […] This has a great deal to do with businesses extending
their debt maturity during 2021 when rates were still low, and the
US Treasury’s massive crisis-level fiscal deficit,” Consorti
explains. He argues that these factors have contributed to the
decoupling of traditional economic indicators from the stock
market’s performance, inadvertently benefiting asset prices,
including Bitcoin. The Role Of ETFs And The Spot Market A
significant portion of Consorti’s analysis is dedicated to the
behavior of Bitcoin ETFs and their interaction with the spot
market. Despite a slowdown in net inflows to Bitcoin ETFs, the
volume remains robust, indicating a healthy market. “This was one
of the lowest weeks yet for BTC ETF inflows, although when you net
in the outflows they are still healthy compared to previous weeks,”
Consorti notes, suggesting that ETF shares are actively exchanging
hands, mirroring the consolidation seen in the spot market. Related
Reading: $115-Million Bitcoin Whale Wakes Up From 10-Year Slumber –
What’s Next? This interplay between ETFs and the spot market,
according to Consorti, provides a stable foundation for Bitcoin’s
price, further solidifying the case for an impending bull run. “The
funding rate is extremely muted, and we’re still at the same price
[around $70,000]. In this period of consolidation, the spot market
has really taken control of Bitcoin price action. This will mean
more stable footing for the ensuing bull run, raising my confidence
further that this consolidation is preceding a move higher rather
than lower,” Consorti concluded. Expert Consensus On The Bullish
Outlook Consorti’s optimistic forecast is echoed by other industry
experts, who have also shared their bullish predictions. CRG,
another renowned analyst, emphasized the significance of Bitcoin’s
recent performance, stating, “Great weekly close. Fresh all-time
highs this week,” indicating a positive momentum that could be
sustained in the post-halving period. Great weekly close Fresh all
time highs this week Source: my plums pic.twitter.com/wyxwomdDjZ —
CRG (@MacroCRG) April 8, 2024 TechDev, a crypto analyst,
highlighted a rare pattern in Bitcoin’s trading history: “It
doesn’t happen often. Bitcoin closed 2 consecutive months over the
upper Bollinger band. Each time it has then doubled within 3 months
before the next red candle.” This historical pattern, if repeated,
could potentially drive Bitcoin’s price way beyond $100,000. It
doesn't happen often.#Bitcoin closed 2 consecutive months over the
upper Bollinger band. Each time it has then doubled within 3 months
before the next red candle. pic.twitter.com/veOOOmT8Id — TechDev
(@TechDev_52) April 7, 2024 Daan Crypto Trades provided a technical
perspective, focusing on Bitcoin’s resistance levels and potential
targets: “Thoses previous ‘resistances’ didn’t end up putting much
of a fight. It’s just the previous all-time high that’s making the
price stall for the time being. Targets above are ideas for price
discovery if we can leave this area behind us.” Daan’s targets are
the 1.272 Fib at $83,562, the 1.414 Fib at $91,164 and the 1.618
Fib at $102,085.” #Bitcoin High Timeframe Level Cheat Sheet ✍️
Thoses previous "resistances" didn't end up putting much of a
fight. It's just the previous all time high that's making price
stall for the time being. Targets above are ideas for price
discovery if we can leave this area behind us.
https://t.co/AeP9vzOk7M pic.twitter.com/BWvcg8EjLE — Daan Crypto
Trades (@DaanCrypto) April 7, 2024 At press time, BTC traded at
$69,739. Featured image created with DALL·E, chart from
TradingView.com
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