Bitcoin Halving and Spot ETF Hype Fuels Bulls but There Is Catch
The post Bitcoin Halving and Spot ETF Hype Fuels Bulls but There Is Catch appeared on BitcoinEthereumNews.com.
Crypto experts during the Next Block Expo conference in Berlin unanimously agreed the crypto bear market is over but emphasized a cautious approach. Bitcoin (BTC) price has continued to showcase its stability as an investment product in the past few days. After reaching a new yearly high of around $44.5k, Bitcoin price has been ranging in a bullish pennant pattern, which could yield a fresh rally toward $48k before the end of the year. The flagship cryptocurrency has attracted significant attention from institutional investors seeking to diversify their portfolios and balance sheet assets. Trading around $44k on Thursday during the early London session, Bitcoin bulls are in control in the short term, despite the increased risk of a correction toward $32k. Bitcoin Bulls Take Solace in Upcoming Halving The Next Block Expo conference in Berlin which concluded on Tuesday, December 5, brought together some of the top crypto experts. During an interview with Cointelegraph, Robby Yung, the Chief Executive Officer of Animoca Brands, Miko Matsumura the managing partner at gumi Cryptos Capital, Binance regional manager Jonas Jünger, and João Leite the Polkastarter business development lead unanimously agreed the upcoming Bitcoin halving has significantly rejuvenated the bullish sentiment. According to Matsumura, the past three Bitcoin halving events, which have yielded the macro bull markets, have psychologically trained investors to incline on the next halving. Moreover, Jünger highlighted that the Bitcoin halving event has presented a phenomenon that was completely lacking in the fiat market, as most global central banks struggle with high inflation. “Every four years, we swing the ram, and we smash. Four years is long enough that the people inside the castle think we’ve gone away,” Matsumura noted. As a result, Yung noted that Bitcoin will continue to play the role of reserve for the web3 industry while alternative…
Filed under: News - @ December 7, 2023 4:24 pm