Recent data and analyses confirm Bitcoin's ongoing 2024 rally will persist, with predictions of recovery beyond $60k towards $90k. Factors including funding rates, macro-diagonal theory, and halving effects.
On May 3, 2024, all major spot Bitcoin ETFs recorded their first significant inflows in eight days, totaling $378 million, reversing a previous outflow streak caused by short-term investor volatility.
Severe selling ends in Bitcoin markets that was driven by short-term investors capitalizing on pre-halving bull runs and bullish analyst predictions.
In the past 24 hours, Bitcoin's price dropped from $63,200 to $57,165 due to ETF outflows, a disappointing Hong Kong ETF debut, miner sales, and overall market bearishness. Analysis of on-chain data, fundamental metrics, and technical charts suggests a bearish trend might continue, exacerbated by negative sentiment and external market pressures.
A post-halving rally in Bitcoin is expected to spur similar growth in major altcoins between August and October 2024. Factors like miners' BTC holdings and US monetary policies may initially delay this rally.
We expect Bitcoin Runes to have a similar or even much stronger performance as compared to Ordinals because of demand in the Memecoin markets.
Bitcoin Runes, launched with Bitcoin's 840,000th block, are a new token standard improving upon BRC-20. The token standard was developed by Casey Rodarmor.
On April 20, 2024, the fourth Bitcoin Halving cut block rewards to 3.125 BTC, amidst challenging macroeconomic conditions and future event uncertainties.
Although the halving will reduce block rewards to 3.125 BTC, still with the expected rise in price, Bitcoin Mining would still be profitable.
FTX sold nearly $1.6 billion worth of Grayscale Bitcoin Trust (GBTC) shares which led to the fall in Bitcoin prices.
Halving means a phenomenon in blockchains by which block rewards are reduced to half of their previous value.