Bitcoin continues its upside momentum as the halving draws closer. As of 11:18 UTC, Bitcoin was up by 2% to trade at $69,238.
Halving Hype Is Getting Stronger
Bitcoin’s price continues to rally as the halving draws closer, and the hype is building up around it. This is evident both online and offline. For instance, in Thailand, Bitcoin enthusiasts have put up a giant clock with a countdown to the Bitcoin halving. Online, on both Google and social media platforms, the Bitcoin halving is among the top trending topics, an indicator that it is one of the most watched events.
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Countdown #BitcoinHalving2024 in Thailand 🇹🇭 pic.twitter.com/WymN3Oen2Z
— Gotckub (@Gotckub) April 7, 2024
Such optimism around the Bitcoin halving has played an enormous role in Bitcoin’s continued upward trajectory, as it erases all the losses it had accumulated a few weeks ago when it crashed to $61k. With each day that the halving draws closer, investors are likely to keep taking up positions, and this could trigger a situation where Bitcoin quickly pushes through its recent high of $75k ahead of the halving.
Interest In Bitcoin Ordinals Rising
Besides the rising excitement around the Bitcoin halving, excitement is growing around Bitcoin ordinals. Ordinals are creating awareness about Bitcoin and adding to the underlying demand for Bitcoin ahead of the halving. Some analysts even project that ordinals could trigger Bitcoin’s breakout before the halving.
GM Bitcoin Ordinals 🫡
#193 – The Black Night pic.twitter.com/95jomVZBU1
— Black (@BlackxBTC) April 7, 2024
Institutional Demand For Bitcoin Hitting New Highs
Even more interesting is that the demand for Bitcoin by institutions is getting stronger. Despite the recent correction and consolidation that has gone on for more than ten days, institutions continue accumulating Bitcoin in the billions of dollars.
For instance, the BlackRock Bitcoin ETF recorded inflows of $300 million on Friday. This counteracted the outflows from GBTC of $199 million, leaving the net inflows for the last day of the week in net positive. A similar situation has been playing out consistently in recent weeks, pointing to the increasingly strong demand for Bitcoin by institutional money.
Not Many Sellers As Bullish Sentiment Grows
Goldman Sachs also recently hinted that their institutional clients, mostly hedge funds, were looking to buy Bitcoin. Banks, too, are becoming more interested in Bitcoin, with recent research indicating that they are turning to miners directly to try and buy Bitcoin. This can be construed to mean two things.
One reason is that the demand for BTC is at its highest level ever. Two, the supply of Bitcoin is shrinking as fewer people are willing to sell their Bitcoin at current prices. This is due to expectations of a significant price breakout after the halving. It points to Bitcoin’s potential to keep increasing and break into a parabolic price move after the halving.
Bitcoin price action points to a potential breakout through the recent high of $73k as hype builds up around the upcoming halving worldwide.
Bitcoin Thinning Volumes Point To Incoming Breakout
As seen on the one-hour chart, bitcoin trading volumes are thinning out where a symmetrical triangle is emerging. This happens when Bitcoin trades close to the $70k psychological resistance level. It’s an indicator that a breakout could happen at any point now.
If Bitcoin breaks out bullish and eases through the $70k resistance, then prices above the recent all-time high of $73,500 could come into focus. If this $73,500 is broken, Bitcoin could be headed to prices above $80k way before the halving.
On the other hand, if volumes remain low, then Bitcoin could continue trading in a narrow range between $69,700 and $68,000 for the better part of the day and possibly into the new week.
However, if short sellers take control and Bitcoin breaks out to the downside, the $67,640 support level could come into focus in the short term.
Bitcoin Price Prediction – Why A Bullish Breakout Is Coming
While Bitcoin can continue range-bound trading or turn bearish, the odds are higher that a bullish breakout is coming. That’s because all the factors surrounding Bitcoin are positive. Hype is building around the Bitcoin halving so that countdown clocks are set up in places like Thailand.
As this hype builds up, institutional investors are accelerating their acquisition of Bitcoin, with some reports pointing to banks approaching miners directly to buy Bitcoin. A confluence of such factors points to the potential for Bitcoin to push through $73k today.
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