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As the 2024 Bitcoin halving event concludes, analysts predict a bullish future for BTC. They project unprecedented price levels following historical trends and fresh institutional interest. This optimism persists despite recent declines and the slow inflow from ETFs.
Analysts Eye New Heights for Bitcoin Post-Halving Amid Strong ETF Inflows and Market Optimism
According to historical chart patterns and the presence of spot Bitcoin exchange-traded funds (ETFs), the fourth Bitcoin halving, which took place on April 20, could usher in the "most bullish" Bitcoin cycle.
In a recent report by Cointelegraph, Bitcoin's price hit a new all-time high of more than $73,600 on March 13, before the halving event. Historically, Bitcoin prices have rallied to new highs within 518 to 546 days of prior halving events.
According to Sukhveer Sanghera, founder and CEO of Earth Wallet, the pre-halving all-time high, along with institutional inflows from ten Bitcoin ETFs in the United States, formed the "most bullish setup" for Bitcoin. He informed Cointelegraph:
“The combination of nearly all BTC having been mined, early investor via ETFs, increasing demand for inflation hedges, and increased utility — all fundamental aspects of Bitcoin’s value proposition are stronger than ever before.”
Bitcoin declined 5.6% on the weekly chart, trading above $63,600. According to TradingView data, the world's first cryptocurrency climbed only 2.85% in the last month but has rallied by more than 50% since the beginning of 2024.
While Bitcoin's price action is projected to be bullish in the long run, halvings are typically accompanied by short-term dips.
According to Wanchain CEO Temujin Louie, the recent downturn in the Bitcoin price could cease if the price rises above the $65,000 resistance level. He informed Cointelegraph:
“Historically, Bitcoin halvings were followed by a slump. Expect to see continued consolidation so long as support around $58,000 holds. If BTC breaks recent highs, look for a rapid increase to $80,000, $90,000, or even $100,000 as investors favor round numbers.”
Bitcoin ETFs See Fluctuating Inflows Amid Market Volatility, Positioning BTC as a Strategic Hedge
The past month's trailing price action is primarily due to slower Bitcoin accumulation in the 10 U.S. spot Bitcoin ETFs, with net inflows turning negative during the week of the halving.
According to Dune, the US spot Bitcoin ETFs witnessed $398 million in negative net withdrawals during the halving week, compared to nearly $199 million in net positive inflows the previous week.
“Early adopters from large capital institutions have entered the market, and it is taking time for the next wave of institutions to prepare their inflows. While big banks predict some downward movement in BTC post-halving, I see strength in BTC due to potential new money inflows and its positioning as a hedge against inflation.”
Simanavicius said that Bitcoin is increasingly being considered a "hedge against political tensions" in the face of expanding global conflicts, which might strengthen its position as a haven asset.
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