By
Kseniia Klichova
May 3rd, 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.
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.
Fees paid to #Bitcoin miners have surged to 1,258 $BTC, yet the creation of new #BTC addresses has declined, reaching just 260,838. pic.twitter.com/7PXARJxURw
— Ali (@ali_charts) April 21, 2024
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.
Every time the #Bitcoin MVRV Ratio falls below its 90-day average since November 2022, it signals a prime #BTC buying opportunity with an average gain of 67%!
This opportunity is upon us again, indicating it might be the perfect time to buy $BTC. pic.twitter.com/nPMjF2GTpr
— Ali (@ali_charts) April 21, 2024
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.