As the Bitcoin ‘halving’ event approaches in less than two weeks, speculation about Bitcoin price prediction intensifies, with some analysts eyeing the $100,000 mark.
Currently, Bitcoin (BTC) has climbed to $69,395, reflecting a modest uptick.
This pivotal event, which cuts the mining reward in half, historically triggers significant market movements, igniting debates on its potential impact on Bitcoin’s valuation.
Bitcoin Halving 2024: Impact and Expectations as Countdown Begins
Bitcoin halving, set to occur in April 2024, is an event that halves the reward for mining new blocks, reducing miner earnings for transaction verification by 50%. This reduction, happening every 210,000 blocks or roughly four years, will continue until 21 million bitcoins are in circulation.
Halving is crucial for traders as it cuts the new bitcoin supply, potentially hiking prices if demand stays stable. The upcoming halving at block 740,000 will decrease the reward from 6.25 to 3.125 bitcoins.
Halving progress 99%. #Bitcoin pic.twitter.com/Y2Du9WgvZw
— Root 🥕 (@therationalroot) April 7, 2024
Despite bitcoin’s recent stability, analysts from Steno Research foresee a possible “buy the rumor, sell the news” scenario around this halving, similar to past events.
Predictions suggest a price increase pre-halving, followed by a potential drop thereafter, echoing the patterns seen in the 2016 halving.
With increased attention and institutional investment in Bitcoin, the next few weeks are critical to understanding halving’s market impact.
Coinbase Wins Legal Victory Over Crypto Transaction Regulations
Coinbase, a leading cryptocurrency exchange, triumphed in a significant legal case as the U.S. Court of Appeals for the Second Circuit ruled in its favor, stating that its secondary cryptocurrency sales don’t violate the Securities Exchange Act.
The case, representing traders from October 2019 to March 2022, challenged whether Coinbase’s crypto transactions were securities. The court dismissed these claims due to insufficient evidence but noted potential concerns under the Securities Act.
This verdict reinforces Coinbase’s stance on crypto sales and could boost investor confidence, potentially increasing Bitcoin trading and prices.
- Coinbase’s legal win affirms its transaction practices
- Could bolster investor confidence and Bitcoin trading volume
Ethereum: Top Crypto Buy Under $1,000 Amid Market Surge
Ethereum (ETH) stands out as a prime investment choice in the flourishing cryptocurrency market. Despite being 20% off its peak, Ethereum dominates the decentralized finance (DeFi) sector, holding over 60% of the market’s value.
The recent Denchun update, enhancing its functionality and reducing Layer 2 transaction fees, further cements its pivotal role in DeFi.
Ethereum, still below its all-time high amidst a crypto bull run, shines as a prime investment. Dominating DeFi and bolstered by the latest Dencun upgrade, it\'s poised for growth. #Ethereum #DeFi #InvestmentOpportunityhttps://t.co/7OSny8iOCL
— Trending Crypto Blockchain (@TrendCryptBlock) April 6, 2024
While Ethereum wasn’t featured in the Motley Fool’s top stock picks, its ongoing improvements and DeFi dominance make it an enticing option for investors, potentially influencing Bitcoin prices positively by fostering greater trust in the crypto ecosystem.
- Ethereum leads in DeFi with significant market share
- Recent updates enhance functionality and investor appeal
Genesis Acquires $2.1 Billion in Bitcoin, Fuels Market Optimism
Genesis has made a strategic move by purchasing $2.1 billion worth of Bitcoin, offloading 36 million GBTC shares in the process.
This transaction, executed at $65,685 per Bitcoin, not only aims to settle debts but also to bolster its Bitcoin reserves, now valued at $2.18 billion.
JUST IN: Genesis has finished selling $2.1 Billion of its Grayscale Bitcoin ETF holding – Arkham
Send it! 🚀
— Bitcoin Archive (@BTC_Archive) April 5, 2024
Despite its recent Chapter 11 bankruptcy filing, Genesis’s significant investment in Bitcoin is expected to have a minimal market impact, as Coinbase predicts the capital will circulate within the crypto ecosystem, possibly driving up Bitcoin’s demand and price.
- Genesis exchanges GBTC shares for Bitcoin
- Investment aims to satisfy debts and enhance Bitcoin holdings
Bitcoin Price Prediction
Bitcoin (BTC) has advanced to $69,395, marking around 0.75% increase. The pivot point is at $68,572, with resistance spotted at $69,927, $71,711, and $73,765.
Support lies at $66,788, descending to $65,076 and $63,114.
The Relative Strength Index (RSI) stands at 61, hinting at a bullish sentiment, while the 50-day Exponential Moving Average (EMA) at $67,984 supports this view.
The overall trend for Bitcoin appears bullish above $68,572, but a fall below this critical level could lead to a significant downturn in price.
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