The fourth-ever Bitcoin halving, which occurred on April 20, could give rise to the “most bullish” Bitcoin cycle, based on historical chart patterns combined with the presence of spot Bitcoin exchange-traded funds ., before the halving event. Historically, Bitcoin price rallied to new highs in 518 to 546 days after previous halving events.
“The combination of nearly all BTC having been mined, early investor via ETFs, increasing demand for inflation hedges, and increased utility — all fundamental aspects of Bitcoin’s value proposition are stronger than ever before.”Bitcoin price fell 5.6% on the weekly chart, to trade above $63,600, as of 9:58 a.m. in UTC. The world’s first cryptocurrency only rose 2.
“Historically, Bitcoin halvings were followed by a slump. Expect to see continued consolidation so long as support around $58,000 holds. If BTC breaks recent highs, look for a rapid increase to $80,000, $90,000, or even $100,000 as investors favor round numbers.”The past month’s lagging price action is mainly attributed to slowing Bitcoin accumulation in the ten U.S. spot Bitcoin ETFs, as net inflows have turned negative on the week of the halving.
The narrative around Bitcoin’s price action remains positive, despite the temporary slump in ETF inflows, which signals new investors preparing to gain BTC exposure, according to Jonas Simanavicius, co-founder and CTO at Syntropy:
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