Bitcoin Bulls Target $69K Lifetime Highs Ahead of Bitcoin Halving
Market spectators suggest the pre-halving period is opportune for taking quick profits.
Bitcoin halving events, which reduce miner rewards and occur roughly every four years, have historically triggered significant price surges. Current expectations for the next halving, set to take place in mid-April based on a countdown timer, are causing similar bullish sentiments.
The rationale is straightforward: as new bitcoin issuance slows and demand stays the same or grows, prices should rise. While past trends may not predict the future, the excitement over potential price increases is prompting investors to increase their stakes in Bitcoin due to a phenomenon commonly called 'FOMO' (Fear of Missing Out).
Bryan Legend, CEO of Hectic Labs, commented to CoinDesk via Telegram that anticipation of the supply cut leads to a buying spree, potentially kicking off a bull market energized by fresh optimism.
Legend also pointed out the period approaching halving as a prime time for short-term profit-taking.
Concurrently, some market players predict Bitcoin’s value might surpass its all-time high of $69,000 come March, bolstered by factors such as institutional interest and the performance of spot Bitcoin ETFs (Exchange-Traded Funds).
Ryan Lee, a top analyst at Bitget Research, conveyed to CoinDesk that, with the halving 54 days away and potential Federal Reserve interest rate decreases mid-year, Bitcoin is seeing a support level at $50,000 and might hit record highs in March.
Record trading volumes of Bitcoin ETFs in the U.S. are another sign of strong optimism from institutional investors. Just last week, nine Bitcoin ETFs saw $3.2 billion in trades, with BlackRock’s IBIT ETF alone recording consecutive days of over $1.3 billion in daily trading volume.
