Bitcoin's Double Catalyst: Spot ETF and Halving Combination
Unleashing Bull-Market Potential in 2024
Greetings Fellow Bitcoin Enthusiasts,
In the ever-evolving world of Bitcoin, this week has been a whirlwind of excitement, with Bitcoin making significant strides. The market has witnessed a fascinating interplay of factors, from an ETF surge and sustained price rally to Bitcoin's correlation with Gold. Join us as we delve into the Bitcoin cycle and these key developments.
Bitcoin's ETF Surge and Price Action
The past week has been nothing short of spectacular. Following a surge catalyzed by speculative news about the approval of BlackRock's spot ETF (which turned out to be a false alarm), Bitcoin embarked on a more sustained rally. What began as a seemingly fake ETF-driven pump actually pushed us above the Short-Term Holder (STH) cost basis (read here why this is such a significant level), firmly re-establishing our bullish momentum. Even after the initial drop when the ETF news was debunked, we clung to our newfound heights above the STH cost basis. Sometimes, all it takes is a gentle push.
Bitcoin Spot ETF
With the false alarm behind us, let's shift our focus to the real deal—Bitcoin spot ETF filings and their deadlines. As we analyze the data, we can see that the second deadline for most filings has already passed. The next significant milestone is on January 15, 2024, with the final deadline set for March 15, 2024. There's a high likelihood of an ETF approval in the first quarter of 2024, closely followed by the highly anticipated Bitcoin Halving in April 2024. This double power play forms the ideal combination to ignite a 2024 bull market.
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The Bitcoin cycle: Where do we currently stand?
With the halving event 87.5% complete, the most accurate perspective on Bitcoin's cycles is the alignment of days remaining until the halving. This assessment is further enriched by integrating the STH cost basis into the chart.
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Next up, we'll discuss the Chart and Price Targets, followed by an intriguing development involving Bitcoin and Gold.