Official media suddenly reported major good news! Bitcoin soared to break through $72,000. The countdown to the halving "bull market signal" is 12 days away.

Bitcoin rose to $72,000 in the short term. Chinese official media said that many leading funds are using Hong Kong subsidiaries to deploy Bitcoin ETFs, and the spot business will be launched as early as the second quarter.

Hong Kong Bitcoin Spot ETF will be launched as early as the second quarter.

According to China's official media Securities Times, many leading fund companies are using Hong Kong subsidiaries to deploy Bitcoin ETFs. The reporter of the newspaper learned in an interview that several institutions including Harvest Fund Hong Kong Subsidiary and Southern Fund Hong Kong Subsidiary are applying for and deploying Bitcoin ETFs. Among them, the product that Harvest Fund applied to the Hong Kong Securities Regulatory Commission is Bitcoin Spot ETF.

In addition, China Asset Management's Hong Kong subsidiary recently reached a cooperation with the Hong Kong Bitcoin ETF custodian. Industry insiders predict that the relevant Bitcoin ETF application may be implemented as early as the second quarter of this year.

Bitcoin halving countdown 12 days, price "as expected" surge

Ahead of the expected Bitcoin halving cycle on April 20, Bitcoin broke through $71,000 during Asian trading on Monday, and although the overall cryptocurrency market did not change much, some bets on Ordinals and the BRC-20 ecosystem were still boosted.

When the halving occurs, the reward for mining transactions will be reduced by 50%, thereby reducing the speed of new coins being created, thereby reducing the available new supply. Historically, this is often seen as a bullish signal.

The current block reward is 6.25 bitcoins, which will drop to 3.125 bitcoins after the halving. For several weeks, open interest in Bitcoin tracking futures has remained at an all-time high of more than $25 billion, indicating that people are making leveraged bets on expected price fluctuations.

As traders expect a rebound after the Bitcoin halving event, some Bitcoin ecosystem tokens and projects have risen, and such bets are a way to gain proxy risk for Bitcoin's rise without using futures products or leverage.

Data shows that Ordinals has seen higher trading volume than the usual leaders Ethereum and Solana over the past week, led by NodeMonkes and Pups. During the same period, non-fungible token (NFT) buying and selling activity across all networks fell by 95%, suggesting an isolated rise in Ordinals.

Tokens in the BRC-20 category have risen nearly 6% in the past 24 hours, with infrastructure token Multibit (MULTI) up 22%, while meme coins PEPE, ALEX and PIZA have risen as much as 60%.

Ordinaries are a way to embed data into the Bitcoin blockchain by writing references to digital art into small Bitcoin-based transactions. The BRC-20 standard, launched in 2023, will allow users to issue transferable tokens directly through the network for the first time.

Bitcoin Technical Analysis

CoinPedia said that with the Bitcoin halving, regulatory clarity and the Federal Reserve's bullish stance, the market is willing to accept the new changes expected after the halving event. The latest analysis by anonymous analyst TechDev suggests that the price of Bitcoin may rise sharply, and may double from around $69,000 to about $140,000 by July.

This prediction is based on the observation that Bitcoin has closed above the upper Bollinger Band (a momentum indicator used in technical analysis) for two consecutive months.

The Bollinger Bands show that the market has high hopes that Bitcoin will double in value as it breaks through its previous historical peak before the halving. Although widely used, Bollinger Bands are just one of many technical indicators and are more reactive than predictive. They measure the momentum and volatility of an asset within a certain range, and hitting the upper limit usually indicates overbought conditions. However, the reliability of these indicators can vary, especially in extreme market conditions.

Meanwhile, Anthony Scaramucci, CEO of SkyBridge Capital, is also bullish on Bitcoin, suggesting that it could reach a high of $170,000 in the current cycle. He also speculated that Bitcoin could eventually trade at half the total value of the global gold market, with a price of $400,000 per Bitcoin.

He emphasized that the recent approval of Bitcoin spot ETFs is an important factor that may drive increased demand for Bitcoin from retail and institutional investors. These ETFs have received a large amount of inflows, more than $12 billion, indicating a growing interest in Bitcoin as an asset class.

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