Key Points
- We’re 21 days ahead of the Bitcoin halving, and the crypto community continues releasing bullish predicitons while BTC is trading above $70k.
- Cypherpunk Adam Bank is expecting BTC to hit fresh ATHs this weekend.
- Bitwise CIO just said that $1 trillion could soon come pouring into Bitcoin via ETFs.
We are 21 days ahead of the Bitcoin halving that’s set to take place on Friday, April 19. Ahead of the important event, investors are preparing for the price fluctuations typically associated with it.
The previous Bitcoin halving, which occurs approximately every four years and reduces the rewards for mining a block by half, led to a volatility index exceeding 9% for Bitcoin (BTC).
Bitcoin continues to trade above the important level of $70,000, and at the moment of writing this article, BTC is trading in the green, and the coin is up by over 10% in the past seven days, according to CoinMarketCap.
Optimistic predicitons about Bitcoin’s price and the overall market
There are some notable optimistic predictions regarding the price of Bitcoin for the near future and the crypto market in general.
The first one comes from cypherpunk Adam Back who expects to see Bitcoin hitting fresh ATHs during this weekend.
In a post on X, he expresses the bullish price triggers that could affect Bitcoin’s surge:
maybe #bitcoin can make a new ATH this long-weekend: tradfi is offline so $GBTC can't be dumped by bankruptcies, @coinbase "circuit-breaker" won't crash as base volume is lower. just three $1k+ daily candles would do it. "the slow blade penetrates the shield" -Gurney Halleck,… pic.twitter.com/6xh2QArA1s
— Adam Back (@adam3us) March 29, 2024
Back also made sure to mention the Deribit crypto options exchange that has been preparing for a historic week, as the platform anticipates one of the largest options contract expirations with more than $15 billion in BTC and ETH options involved.
also quietly shrugged off a record breaking $9.5bil #bitcoin option close with low max pain ($51k) this morning 8am GMT. and wandering back up for the weekend https://t.co/KSY4vZ971f
— Adam Back (@adam3us) March 29, 2024
Recently, Deribit announced on the X platform that tomorrow will go down as one of the biggest expires for the company, and the levels mentioned above are higher than usual, which can be seen in the “low Max Pain levels”.
Another bullish prediciton for the Bitcoin market comes from Bitwise CIO.
In a recent weekly investor note, Matt Hougan stated that institutions are expected to invest over $1 trillion in Bitcoin through ETFs in the upcoming year.
Hougan reflected on the prospects and challenges that investors may face in the digital currency space.
1% Down; 99% to Go. Reflections on the ETF launch.
An excerpt from Bitwise CIO @Matt_Hougan's weekly memo to investment professionals.
Lately the crypto markets have been volatile, with bitcoin bouncing between $60,000 and $70,000. The media gets breathlessly worried about…
— Bitwise (@BitwiseInvest) March 27, 2024
BlackRock’s Larry Fink also highlighted the company’s spot BTC ETF, which experiences unprecedented growth, making it the fastest-growing ETF ever.
He also expressed his optimism regarding the long-term viability of Bitcoin as well.