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.

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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.
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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.

#Bullrun2024 #Bitcoin #Altcoin #Cryptocurrency

Bitcoin (BTC), the first cryptocurrency, is spearheading a surge in the crypto market, showing positive gains across the board.

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Bulls appear determined to drive prices to new highs in 2024. However, this surge in Bitcoin’s value, aimed at surpassing its all-time high (ATH) of $69,000, has disappointed a significant number of short traders.
Bitcoin Regains $1 Trillion Market Cap Amidst Ongoing Rally
Bitcoin’s price has surged by another 3% in the past 24 hours, marking a remarkable uptick of over 20% in the last seven days. Currently trading at an average price of $51,620, Bitcoin’s recent rally has propelled its market capitalization back above the $1 trillion mark.
This milestone achievement comes after Bitcoin initially reached the $1 trillion market cap milestone back in December 2021. Since then, Bitcoin has experienced fluctuations in the market, but its recent surge has led to a resurgence in its market capitalization. Notably, the global market cap has also seen significant growth, rising by more than 2% over the past day to reach $1.92 trillion.
With its market capitalization surpassing $1 trillion once again, Bitcoin now stands ahead of major companies like Berkshire Hathaway, Walmart, and Tesla. Despite concerns surrounding higher-than-expected US inflation data released earlier in the week, Bitcoin’s rally has continued unabated.
Crypto Liquidations and Market Sentiment Analysis
Coinglass data reveals that within the last 24 hours, over 58,000 traders faced liquidation, resulting in the closure of positions totaling $222.28 million across both long and short positions. Notably, the largest single liquidation order, valued at $10.20 million, occurred on the OKX exchange for the BTC/USDT-SWAP pair.
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Further analysis of the liquidations indicates that approximately $136 million worth of positions liquidated in the past day were short bets, with an additional $90 million in short bets liquidated within the last 4 hours. This trend suggests that traders may have anticipated a market downturn following a significant surge in the overall crypto market.
Also Read: Bitcoin's Bull Run Starts; Analyst Forecasts $55K Before Halving
Despite fluctuations, Google Search Trends show a sustained interest in Bitcoin, with a current popularity rating of 18, although it remains below its peak. This suggests that while mainstream interest in Bitcoin continues to grow, there is still room for further expansion, potentially contributing to its ongoing upward trajectory.
In tandem with Bitcoin’s rally, major altcoins like Ethereum and Cardano have also seen positive movement, with prices surging by more than 2% and 4%, respectively. Ethereum is now trading above the $2,700 mark, signaling confidence in the broader crypto market rally.
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 #CryptoNews