On Sundays, the crypto market showed signs of tranquility after significant losses and damaging sell-offs that occurred on Friday. The price of Bitcoin dipped down to a low of $61,000 due to the market’s response to geopolitical uncertainties in the Middle East towards the end of last week.
In spite of investors experiencing significant losses, particularly those with leverage in the crypto market affecting both small and large-cap altcoins, Bitcoin surpassed $64,000 by Sunday night.
Beginning on Monday, there was a growing optimistic perspective as investors took note of the announcement that the Hong Kong Securities and Futures Commission (SFC) had given its approval for trading Bitcoin and Ethereum as securities.
Can Bitcoin Price Rally To $73k ATH As Hong Kong ETF Operators Announce Approval?
On Monday, several Bitcoin ETF applicants such as China Asset Management and Bosera Capital announced that they had received approval to operate in Hong Kong’s bustling financial market.
According to CoinDesk’s report, the announcement was shared on WeChat, China’s popular social media platform. However, the Securities and Futures Commission (SFC) had not yet issued an official statement about the approvals, leading some posts to be taken down.
According to information gathered by 10x Research, a company based in Singapore specializing in analytics, it seems unlikely that the Securities and Futures Commission (SFC) of Hong Kong will give the green light for the approval of spot Bitcoin and Ethereum Exchange-Traded Funds (ETFs).
If Hong Kong gives its approval, it may lead to extra motivation for people in countries like Australia, Japan, South Korea, and the United Kingdom to invest in Bitcoin through Spot Exchange-Traded Funds (ETFs), according to the research firm’s assessment.
The desire for Bitcoin is expected to increase considerably following the ETF approval, as demonstrated by the price surge to an all-time high of $73,803 in Q1 this year, according to CoinGecko’s data.
Bitcoin Halving Beckons
According to various Bitcoin calculators like NiceHash, the well-known Bitcoin event called “halving,” which decreases the number of new coins entering circulation, is predicted to take place some time between April 17 and 21.
The Bitcoin system automatically reduces rewards for miners by half after every 210,000 blocks, which approximately occurs every four years. This mechanism is designed to limit the supply of Bitcoins and maintain its value as a scarce digital currency. For example, the initial reward given to miners per block was 50 BTC, but following this halving event, they will only receive a reward of 3.125 BTC instead.
A market event called halving is now often described as having a significant influence on prices. After this occurrence, there’s typically an uptrend in the market, which investors eagerly anticipate. This bull cycle results from the combination of reduced supply and heightened demand following the halving.
The price of Bitcoin typically increases significantly around four to six months after its halving event. For example, after the last halving in 2020, Bitcoin reached an unprecedented peak at $69,000 in November 2021.
Based on historical patterns, Bitcoin could potentially surge past $100 by the year 2024 and continue its upward trend into 2025. This growth is likely to spur significant price hikes in other major cryptocurrencies, reaching new heights for these altcoins as well.
On Mondays US business hours, Bitcoin surpassed $66,000 and was being traded at around $60,100. This uptick in price can be attributed to the increasing demand for cryptocurrencies in the wake of the recent market turmoil over the weekend.
In Hong Kong, the green light for Bitcoin and Ethereum ETFs has boosted the market’s confidence. Investors are ready to purchase drops in price, optimistic that a significant surge will occur before the upcoming halving events.
To move higher toward our target of $70,000 and reach new all-time highs, it’s crucial that the price breaks above the current red resistance line. Once this level is surpassed, the uptrend can continue unobstructed.
A shift in the RSI recovery from 25 to 46 on Sunday adds strength to the emerging bull market. Moving towards the neutral zone, aiming for the overbought territory, will provide additional confirmation of the ongoing uptrend.
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2024-04-15 17:02