As Bitcoin’s Halving Date Approaches, we will tell you what is happening with BTC and what Bitcoin forecast is given by members of the crypto community against the backdrop of a cryptocurrency correction.
Bitcoin Latest Updates
On February 20, 2024, BTC reached its yearly maximum, which was around $53 thousand, after which it entered a correction. As of the time of writing this review, the coin is trading at $51,567.
BTC showed positive dynamics against the backdrop of growing open interest in BTC futures to the highest levels in two years, investor interest in spot Bitcoin ETFs and the approach of halving. Let us remind you that the halving of the cryptocurrency mining speed will take place at the end of April 2024.
The history of observations shows that halvings create a shortage of bitcoins in the market, which pushes the coin rate to update its absolute maximum value. If investor interest in Bitcoin ETFs remains at the same level, purchases of cryptocurrency against the instrument by issuers could also support the growth of BTC.
The Crypto Community Reacts
Many sellers took advantage of Bitcoin’s growth to new local highs, under whose pressure the cryptocurrency corrected.
Popular crypto blogger MartyParty, in turn, noted that the volume of bitcoins available on exchanges has already dropped to the lows of 2015. Participants in the crypto community suggested that the continuation of the trend will force issuers of crypto funds to look for investors willing to sell them cryptocurrency.
Breaking: #Bitcoin supply is at its lowest point since 2015.
$18.8 billion dollars left of Bitcoin on exchanges right now.
Then what? đź‘€
— MartyParty (@martypartymusic) February 20, 2024
Jan3 CEO Samson Moe believes that locking up a large volume of BTC under the ETF has mitigated market volatility. In his opinion, the tool helped reduce the possible depth of correction.
Bitcoin Price Prediction
Many participants in the crypto community are confident that BTC has prospects for further growth. For example, the Doctor Profit trader believes that within a month investors can see BTC at $65 thousand. By September-October 2024, he expects BTC at $100 thousand. In his opinion, a BTC correction should only be counted on after the halving. Upon completion, the trader is sure that the coin will go to new highs.
Analyst Michael van de Popp gave a slightly less optimistic forecast for BTC. He believes that by the beginning of April 2024, BTC will be able to reach $56 thousand.
Some members of the crypto community are paying attention to the oversold nature of BTC. In their opinion, the cryptocurrency needs a little rest before storming new levels.
Bitcoin Reached 2021 Highs
On, February 20, the price of the first cryptocurrency reached $53 thousand. However, since then the rate has recovered and now went into a correction. However, Bitcoin has strengthened 20.8% over the past two weeks, fueled by inflows into spot ETFs and the upcoming halving .
