Crypto analyst Adam Back suggests that Bitcoin (BTC) could potentially reach $100,000 before the halving event in April. This prediction comes as Bitcoin rebounds from a relatively downbeat January.
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Recent data from CoinMarketCap indicates that BTC’s price rose by 11.02% in the last week, reaching around $47,000.

Analyst Predicts Bitcoin Bull Run Pre-Halving Due to ETF Influence
In a post on X on February 10, Back shared his Bitcoin price forecast, anticipating the digital asset to achieve a new all-time high (ATH) price before the much-awaited halving event on April 12, 2023. Back based his projections on Bitcoin’s historical price movements, noting that similar to the recent increase, BTC surpassed the $47,000 mark on October 1, 2021, eventually reaching its current ATH of $69,045 in a 41-day journey.

The analyst forecasts that Bitcoin (BTC) will maintain its current upward trajectory, possibly reaching a new all-time high (ATH) within the next 70 days leading up to the Bitcoin halving event. This prediction deviates from historical patterns, where the Bitcoin bull run typically occurs months after the halving event.
Reasoning Behind Unique Forecast: The analyst attributes this unique forecast to the recent launch of Bitcoin spot ETFs. Despite a rocky start, the Bitcoin spot ETF market has begun to stabilize, with consistent positive net inflows recorded throughout the previous week.
Positive ETF Market Performance: On Friday, the ETF market experienced a substantial net inflow of $541.5 million, second only to the $655.3 million recorded on the first trading session on January 11. Additionally, Grayscale’s GBTC has seen a consistent decline in outflows, hitting a new low of $51.8 million.
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Anticipated Bull Run and Dual Bull Cycle: Adam Back predicts that the continued development of the Bitcoin spot ETF market over the coming weeks could trigger a pre-halving bull run, potentially driving the asset’s price to the $100,000 mark. Moreover, the analyst suggests that Bitcoin may still experience a bull run months after the halving event, indicating a dual bull cycle.
Bitcoin Trading Update: Price Gain Amid Decreased Volume
At the time of writing, Bitcoin is trading at $47,716, showing a modest 0.88% increase in its price over the last day. However, the token’s daily trading volume has plummeted by a significant 59.68%, now valued at $15.92 billion.

BTC trading at $47,668 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Despite the decline in trading volume, Bitcoin maintains its dominance in the crypto market, boasting the largest asset market cap at $936.17 billion.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#bullrun #Bullrun2024 #Bitcoin #Altcoin #Cryptocurrency

Post By: CryptosHeadlines.com

In a Bitcoin (BTC) bull market, several key signals come into play. One of these signals is the halving procedure, a process that reduces miners’ rewards, which has historically led to an increase in the asset’s price. This reduction in supply often spurs upward price movements.

Additionally, large investors and “whales” play an active role in accumulating cryptocurrencies during a bullish phase. This accumulation by significant players in the market is a positive indicator, as it demonstrates their confidence in the digital asset’s potential for growth.
Furthermore, another pivotal development to watch is the potential approval of a Bitcoin spot exchange-traded fund (ETF) by the U.S. Securities and Exchange Commission (SEC). If approved, it could serve as a significant source of capital for the entire cryptocurrency industry, opening up new avenues for investment and further driving market optimism.
Bitcoin’s New Bull Market: Four Key Factors
Bitcoin operates in cycles, typically characterized by a four-year pattern. One significant event in these cycles is the “halving,” which reduces new BTC issuance by 50%. Historically, this has boosted BTC’s price, and the next halving is expected in spring 2024, depending on mining speed.
Recent developments suggest that global geopolitical tensions will increasingly influence the halving event. As trust in traditional economies wanes due to these tensions, individuals are turning to alternative means of preserving their wealth. This shift may have a substantial impact on the next halving.
Whales, those large investors holding over a thousand BTC, are significant players in the cryptocurrency market. Their substantial capital and experience can sway market trends.
Recent research from Glassnode analysts reveals that whales are actively accumulating cryptocurrencies and refraining from selling, which is having a positive impact on the digital asset market.

Source: glassnode
Furthermore, smaller investors, often referred to as “crabs” and holding less than 10 BTC, are also following suit. In the last month, these smaller investors have accumulated 191,600 BTC, equivalent to a total value exceeding $3.1 billion. This marks a historic high in terms of the number of coins held by this investor category. It underscores the growing interest in digital assets across various capital ranges.
Is the Approval of Spot ETFs on the Horizon?
Large financial institutions have been contending for the opportunity to introduce their own Bitcoin exchange-traded funds (ETFs) for several years. However, it was only in the summer of 2023 that the discussion took a substantial turn, thanks to BlackRock, the world’s largest investment firm, entering the competition and submitting an application.
Historically, the US Securities and Exchange Commission (SEC) had been reluctant to endorse ETFs. Nevertheless, over the past four months, the SEC lost two significant lawsuits against cryptocurrency firms and faced substantial pressure from the US Congress. Consequently, it is widely anticipated that the regulator will eventually approve the launch of Bitcoin spot ETFs, which would serve as a substantial source of capital for the entire cryptocurrency industry.
The potential impact of Bitcoin ETF approval in the US was inadvertently showcased in October when Cointelegraph erroneously published news of BlackRock’s ETF approval. Even though it was ultimately incorrect, Bitcoin’s price swiftly rose from $28,000 to $30,000 in a matter of minutes. With actual ETF adoption, the cryptocurrency market’s growth is poised to become even more dynamic.
Cryptocurrency Investors Get Ready for a Bull Market
On November 6, the Bitcoin Fear and Greed Index, according to Alternative, reached 74 points out of 100, marking its highest level in over a year. This notable increase reflects growing optimism among investors and traders.
Traditionally, many investors tend to sell their assets when the market becomes euphoric. However, the current market sentiment is not in the euphoric stage yet, and the indicators are merely signaling optimism about the potential end of the downward trend.
This suggests that the prospects of a new bull market in the digital asset market are no longer as distant as before. Consequently, digital assets are becoming increasingly appealing to capital holders, and cryptocurrency enthusiasts should prepare for a potential surge of capital into the market.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
#CryptoMarket #Bitcoin #CryptoNews #Bullish #Bullrun2024

Crypto analyst Adam Back suggests that Bitcoin (BTC) could potentially reach $100,000 before the halving event in April. This prediction comes as Bitcoin rebounds from a relatively downbeat January.
Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com

Recent data from CoinMarketCap indicates that BTC’s price rose by 11.02% in the last week, reaching around $47,000.

Analyst Predicts Bitcoin Bull Run Pre-Halving Due to ETF Influence
In a post on X on February 10, Back shared his Bitcoin price forecast, anticipating the digital asset to achieve a new all-time high (ATH) price before the much-awaited halving event on April 12, 2023. Back based his projections on Bitcoin’s historical price movements, noting that similar to the recent increase, BTC surpassed the $47,000 mark on October 1, 2021, eventually reaching its current ATH of $69,045 in a 41-day journey.

The analyst forecasts that Bitcoin (BTC) will maintain its current upward trajectory, possibly reaching a new all-time high (ATH) within the next 70 days leading up to the Bitcoin halving event. This prediction deviates from historical patterns, where the Bitcoin bull run typically occurs months after the halving event.
Reasoning Behind Unique Forecast: The analyst attributes this unique forecast to the recent launch of Bitcoin spot ETFs. Despite a rocky start, the Bitcoin spot ETF market has begun to stabilize, with consistent positive net inflows recorded throughout the previous week.
Positive ETF Market Performance: On Friday, the ETF market experienced a substantial net inflow of $541.5 million, second only to the $655.3 million recorded on the first trading session on January 11. Additionally, Grayscale’s GBTC has seen a consistent decline in outflows, hitting a new low of $51.8 million.
Cryptos Headlines Token Airdrop Is Live, Claim 5000 CHT Token Free On CryptosHeadlinesToken.com

Anticipated Bull Run and Dual Bull Cycle: Adam Back predicts that the continued development of the Bitcoin spot ETF market over the coming weeks could trigger a pre-halving bull run, potentially driving the asset’s price to the $100,000 mark. Moreover, the analyst suggests that Bitcoin may still experience a bull run months after the halving event, indicating a dual bull cycle.
Bitcoin Trading Update: Price Gain Amid Decreased Volume
At the time of writing, Bitcoin is trading at $47,716, showing a modest 0.88% increase in its price over the last day. However, the token’s daily trading volume has plummeted by a significant 59.68%, now valued at $15.92 billion.

BTC trading at $47,668 on the daily chart | Source: BTCUSDT chart on Tradingview.com
Despite the decline in trading volume, Bitcoin maintains its dominance in the crypto market, boasting the largest asset market cap at $936.17 billion.

Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

#Bullrun2024 #Bitcoin #Altcoin #Cryptocurrency