✅3 Top Reasons To Buy Bitcoin (BTC) On May 1:
🔥STORY HIGHLIGHTS
Bitcoin halving impact on supply could result in parabolic movements in 2024 and 2025.
The slump in BTC ETF volumes shows how investors remain cautious amid global uncertainties.
Further declines below $56,000 could reach $52,000 — even $50,000 ahead of the bull market.
🔥1. Bitcoin Halving
The third Bitcoin halving occurred on April 20. It effectively reduced miner rewards to 3.125 BTC per block from the previous 6.25 BTC. Halving is a process, Satoshi Nakamoto engraved in the blockchain to ensure the continued production of new BTCs while upholding the digital asset’s scarcity principle.
With this new halving, Bitcoin is expected to rise above $100,000 lifting altcoins like Ethereum and Solana. Investors looking forward to the bull run may want to dollar cost average (DCA) starting May 1. Such a move is encouraged seeing that Bitcoin trades at a significant discount from the ATH high of $73,737, according to CoinGecko data.
🔥2. Bitcoin ETFs Impact on Bitcoin Price
The uptake of ETFs after their approval in January was the biggest force behind Bitcoin price rally to new all-time highs. However, the bullish trend waned weeks ahead of the halving in April, leaving Bitcoin in the hands of the bears.
🔥3. Bitcoin Price Weakening Technical Outlook, A Bullish Signal?
Bitcoin price appears to be balancing at the high of a high cliff. With the $60,000 support that bulls depended on since last week obliterated, it is a matter of time before BTC retests the next key level at $52,000.
🔥Bottom Line
The bearish outlook in the crypto market is both a blessing and a pain for many investors. Those who bought BTC close to the top must be prepared and brace for the winter until the asset recovers. At the same time, this is a potential time to seek exposure due to discounted prices and maximize gains in the long term.
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