Bitcoin is set to conduct its fourth halving in April 2024. The biggest crypto in the world has been on a roll for several months.
The bullish surge began with speculations that the SEC had approved the first US Bitcoin ETF. The momentum continued for months until the SEC granted clearance for a handful of Bitcoin ETFs.
Now, Bitcoin is trading at the $50,000 mark, with a 4.04% surge in the past 24 hours. The asset has gained 17.14% in value in the past 7 days, and the latest BTC forecast sees it going even higher.
With Bitcoin’s fourth halving incoming, experts see the crypto making a massive jump. Historically, halving has been associated with Bitcoin’s price hike. The process not only reduces miners’ rewards but also cuts off the supply of Bitcoin.
As it creates scarcity, Bitcoin gradually creates more demand after the process. By design, a decreased supply leads to increased demand, given the contrary relationship between them. Moreover, the recent approval of Bitcoin ETFs in the US will propel BTC’s demand even more.
A technical analysis shows Bitcoin is running on a long-term uptrend. The number of active wallets trading Bitcoin has gone up in the past several months. The metric indicates a steep upward trend, especially during the pinnacle of bull markets.
Similarly, the increase in Bitcoin wallets shows a demand hike, with more customers transacting with BTC. All factors point toward a massive hike for the coin, which can even boost it past the all-time high achieved back in 2021.
Considering all aspects, Bitcoin has gained an optimal position where it can become the first crypto to even break through the $100,000 mark.