Bitcoin price has registered more bullish sentiments before halving this cycle than any other in the past.
Bitcoin price has gradually reduced the chances of market correction towards the support range between $32k and $38k before the upcoming halving.
Due to the anonymity of the Bitcoin creator, many people have come forward to claim his fame. However, no one has successfully proved beyond reasonable doubt that they are Nakamoto.
Bitcoin has seen a lot of positive projections for 2024, partially because of the spot ETF approval.
Biden has not publicly endorsed any crypto-friendly policies.
Addressing common concerns such as the impact of historical events like the Mt. Gox collapse, Celsius controversies, and government sell-offs, Kang argues that these factors pale in comparison to the potential demand flows into Bitcoin.
Grayscale noted that strong inflows into spot Bitcoin ETFs would significantly absorb the selling pressure coming from BTC miners after the halving 2024.
In addition to Ki Young Ju’s bullish outlook on Bitcoin, there are other analysts and industry executives who share a positive sentiment towards the crypto asset.
Rieder remains optimistic about Bitcoin’s potential, citing the increasing acceptance of the cryptocurrency as an asset class.
On average Bitcoin price has rallied by 11% during the Chinese New Year. Analysts also expect the pre-halving market rally to continue with BTC price going to $51,000.
In parallel, Ethereum (ETH) has experienced a 3% surge, reaching a two-week high following amendments to spot ETH ETF filings by asset managers Ark Invest and 21Shares.
The author of ‘Rich Dad, Poor Dad’ Robert Kiyosaki said in a recent tweet that the situation with banks account the world is concerning and that investors need to be prepared.
This resurgence in Bitcoin price is partially credited to the uptick in holdings among whale wallets containing over 1,000 Bitcoins.
As block rewards will reduce by 50% after Bitcoin halving in April 2024, BTC miners are selling heavily to finance the purchase of more efficient mining rigs.
MicroStrategy acquired extra 850 Bitcoins for $37.2 million in January despite the poor stock performance since the beginning of the year.