Bitcoin Nearing All-Time High 2 Weeks Before Halving🪙⏳
With just 10 days and 15 hours remaining, Bitcoin is poised to surpass $73,750 to mark a new all-time high. Bitcoin (BTC) surged today, April 8, 2024, surpassing $72,000, a price level not seen since mid-March.
The digital currency may have initiated a pre-halving mini-bull rally scheduled to take place around April 20, in just 2 weeks. Considering that the approved bitcoin ETFs in the United States in January have been the primary bullish driver for the digital currency's price in 2024, analyzing their behavior in the coming days will be crucial for making projections.
According to investment and financial analysis firm, Santiment, "the volume of bitcoin ETFs has not decreased 4 weeks after bitcoin's all-time high. Among GBTC, IBIT, FBTC, ARKB, BTCO, BITB, and HODL [tickers of some bitcoin ETFs], trader activity remains notably higher than the turning point that began in late February after an influx of individual investors."
The company states, "the high activity [of ETFs] should continue until April 19." Following the halving, Santiment suggests, "it will be interesting to see if there will be a drop in ETF volume and on-chain volume." This is because it might be expected that many investors take profits after the halving takes place, potentially leading to a decline in bitcoin's price, by the simple law of supply and demand.
In addition to bitcoin, other digital currencies are on the rise. The surge of the last 7 days is led by ENA (governance token of the Ethena platform), followed by Nervos Network (CKB) and Bitget Token (BGB).
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