Bitcoin price briefly dropped below $60,000. With just a few days before Bitcoin’s much-anticipated halving, many traders remain optimistic about Bitcoin’s long-term price outlook. Bitcoin This is based on historical chart patterns and institutional inflows.
Bitcoin Still in “Danger Zone” Ahead of Halving
Popular crypto analyst Mustache haswriteIn a post on X on April 16th:
“Many people expect the price to drop a lot, but I don’t…BTC continues to hold the line. [สีน้ำเงิน] last month When this happened in 2012, 2016, and 2020, it signaled the beginning of the Bitcoin bull run that was just beginning.”
Bitcoin has been in the “danger zone” ahead of the halving for a month since March 14, according to a report by Rekt Capital, a popular crypto analyst atwriteIn the X post on April 17th:
“It has been a month since Bitcoin was in the ‘danger zone’ (orange) and in that time Bitcoin has dropped twice -18% in March. And it’s almost -16% so far.”
After Bitcoin’s correction, key technical indicatorshas been resetThis indicates that Bitcoin is no longer overbought.
Bitcoin price has dropped more than 7% over the past week. The main reason behind such losses could be the latest tensions between Iran and Israel, according to John Patrick Mullin, CEO and founder of Mantra.
“Major events occurred this week with Iran and Israel. Crypto markets move faster than anywhere else in the world, so events like this resonate almost immediately. Which is what we have seen. But what I will say is that recovery comes after that. This is considered a long-term positive.”
“Another aspect to consider is that in the past, miners often sold BTC during halvings, so in the short term this could be bearish. But these are good corrections as BTC has been bullish for some time now. So this will be a good thing in the long run.”
Bitcoin ETF Inflows Will Drive Post-Halving Recovery
Inflows may continue from these 10 US Bitcoin ETFs and their latest approvals.of the Hong Kong-based Bitcoin ETF, which is scheduled to launch trading in the next two weeks.
The Bitcoin ETF has seen net inflows of over $12.5 billion since its launch. which combineMore than 838,000 BTC worth $53.7 billion in total holdings, according to Dune data.
Although the period after the halving is often followed by short-term price stagnation, But this cycle could be different with the approval of a Bitcoin ETF, according to Ambire CEO Ivo Georgiev.
“Since BTC is institutionally approved as an ETF, there are a lot of retail and institutional investors looking at this. And it won’t just be a party for crypto people.”
The first Bitcoin ETF in Hong Kong will also result in higher Bitcoin prices, according to Mullin, CEO of Mantra:
“More and more ETF announcements globally mean an influx of ‘new’ funds that were not previously in crypto, so this is a factor that I still consider to be underestimated by most analysts in terms of size. Funds that will come in It’s not just BlackRock and Grayscale and Hong Kong, there’s a lot more to come. on a scale the crypto market has never seen before.”
refer : cointelegraph.com
picture ambcrypto.com