Understanding Bitcoin’s 2024 Price Trajectory And What To Expect
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Bitcoin (BTC-USD) has been rapidly rallying, and the market is now abuzz with speculations of a price rise to $160K. Analysts are examining various factors that have contributed to this rise, the Bitcoin halving event being one of them. The leading crypto set a new all-time high before the 2024 Halving event, breaking the traditional pattern of price surges after a halving. This shift was influenced by growing institutional involvement and regulatory changes, marking a turning point in Bitcoin’s market dynamics. Bitcoin Sets New All-Time High Before 2024 Halving: A Historic Shift? Bitcoin reached yet another all-time high to set the stage before its 2024 halving event that happened in the second quarter of the year. Past cycles saw Bitcoin’s highest prices come after the halving. Traditionally, a halving is seen as a catalyst for price growth, but today’s Bitcoin price has already exceeded records. This evolution of market dynamics warrants careful consideration of the role of institutions and of regulatory changes. For the first time in history, Bitcoin hit a new all-time high before the 2024 Halving. In previous cycles, every new all-time high occurred after the Halving. Could the ETF approval and growing institutional interest be changing the game this time? Historically, when we… pic.twitter.com/hzLI7lorOS — Alphractal (@Alphractal) December 13, 2024 – Advertisement – Growing institutional interest, along with the approval of Bitcoin ETF, could prove to influence Bitcoin’s price trajectory differently than seen in past cycles. However, unlike in the past, where Bitcoin corrected within a few months after the halving, the current market behavior was a mystery. In the past, the typical pattern has been for corrections to take place within 200–250 days of the halving taking place, but this time may be different. In Early December 2024, Bitcoin ETF and Ethereum ETF Sees Record Inflows…
Filed under: News - @ December 16, 2024 2:10 am