Bitcoin Price Rallies Above $66K Following BTC Halving 2024 | Coinspeaker

Bitcoin Price Rallies Above $66K Following BTC Halving 2024

The Bitcoin race to $100K and beyond was triggered by the BTC halving event 2024 over the weekend amid heightened demand from institutional investors.

Steve Muchoki By Steve Muchoki Julia Sakovich Edited by Julia Sakovich Updated 3 mins read
Bitcoin Price Rallies Above $66K Following BTC Halving 2024
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Following Saturday’s fourth Bitcoin (BTC) halving, daily emissions have dropped to 450 coins, worth around $29.7 million. The approval of spot Bitcoin ETFs in the United States has helped increase the overall demand. Combined with the recent approval of spot BTC ETFs in Hong Kong, it is safe to assume the Bitcoin bulls are in control.

Furthermore, almost all indicators are pointing to an inevitable new all-time high (ATH) in the coming weeks.

Bitcoin Network Reorganization

Bitcoin miners have been preparing for the halving event in the past week, whereby the overall hash rate dropped from 700Ehash/s on April 14 to around 595Ehash/s on Monday. The continued increment in the overall mining difficulty has compelled miners from all over the world to upgrade their rigs to the latest versions.

Following the notable changes in Bitcoin miners, the cost of sending BTC has experienced significant volatility in the past few days. Over the weekend, overall fees paid to Bitcoin miners surged despite a decline in non-zero addresses. According to hash price data provided by mempool.space, the cost of sending Bitcoin via a high-priority option is around $10.18, while that of a low-priority priority is about $8.7.

Remarkably, on-chain data shows that Bitcoin miners have continued to hoard more coins, despite the reorganization of the mining rigs. Perhaps, Bitcoin miners are upgrading their rigs to renewable energy sources through tax cuts and credits. Moreover, the escalating Middle East crisis is set to increase the general cost of crude oil amid rising fiat inflation.

What Next for BTC Price after Bitcoin Halving 2024

For the first time in Bitcoin’s history, the flagship coin closed around 2021’s bull cycle top during the fourth halving event. As a result, most crypto analysts are extremely bullish on Bitcoin price and the rest of the cryptocurrency market. According to a popular crypto analyst Ali Martinez, Bitcoin price is on the cusp of a nearly 70 percent uproar based on the Market Value to Realized Value (MVRV) ratio.

Notably, the crypto analyst noted that the MVRV ratio dipped below the 90-day average, which has historically been a popular buying opportunity.

A similar bullish outlook was issued by a popular analyst alias MikyBull Crypto, who added that Bitcoin price must consistently close above the daily 50 Moving Average (MA). The crypto analyst further pointed out that Bitcoin price has been trading inside a horizontal consolidation, but the bulls are in control.

Moreover, the daily Relative Strength Index (RSI) has already broken out of a bullish flag, thus indicating more gains ahead.

Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.

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Steve Muchoki
Author Steve Muchoki

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