130 Days to Bitcoin Halving; Will BTC Price Soar to $69K in Q1 2024?

Glassnode, a prominent data provider, has made a significant revelation, narrowing down the anticipated date for Bitcoin’s next halving event in April 2024. Through a meticulous analysis based on the average block interval over a 14-day window, Glassnode has calculated that this pivotal event is approximately 130 days away, slated for April 23. After Matrixport’s $45K prediction came true, it’s now Glassnode’s take on the Bitcoin price and how the market will move with big bulls entering the crypto scene. 

$69K Incoming? 130 Days to Next Halving

With two massive events awaiting the door of 2024, it is quite interesting to see which event will be a catalyst for Bitcoin’s rise. The potential approval of forthcoming ETFs may inject fresh momentum into the market, although overall market dynamics could impact its longevity. While the crypto community eagerly awaits this forthcoming halving, experts caution against attributing Bitcoin’s price surges solely to these cyclical occurrences. 

However, past instances, notably the surge to $69,000 following the 2020 halving, were shaped by multifaceted factors beyond this scheduled event. The influence of the U.S. Federal Reserve’s pandemic-era monetary policies, coupled with Tesla’s dramatic foray into Bitcoin, notably Elon Musk’s announcements and subsequent reversals regarding Bitcoin, have played defining roles.

The Competitive Race of Big Bulls

Tesla’s entry into the crypto space, initially with a $1.5 billion investment and the acceptance of Bitcoin for Tesla purchases, followed by its abrupt suspension of Bitcoin payments due to environmental concerns, added a layer of complexity to Bitcoin’s narrative. As Tesla’s Bitcoin holdings decreased significantly, holding less than 10,000 BTC currently, these corporate moves reshaped perceptions of Bitcoin’s stability and future potential. On the other hand, Microstrategy has added more Bitcoin to their portfolio giving investors a fresh rally signal. 

While the Bitcoin halving undoubtedly holds significance in its deflationary model, the intertwining influences of global financial policies and corporate decisions underscore a more nuanced perspective on Bitcoin’s price trajectory. Glassnode’s precise projection of the halving date intensifies the anticipation surrounding this pivotal event, adding a new dimension to Bitcoin’s unfolding narrative.

Bitcoin’s Current Status

Bitcoin’s recent rally hit a roadblock last week, with its price hovering around $42,000. After a wild ride from $40,000 to $43,000 following a sharp 10% drop, Bitcoin ended the week at $41,500. All happened because the Federal Reserve maintained a soft tone and a weaker dollar fueled a rebound, but the rally didn’t last longer. Investors cashing out was evident with a massive $860 million flowing into crypto exchanges as per on-chain analysis, signaling profit-taking after Bitcoin’s remarkable 65% surge from $27,000 in October. Looks like some investors decided to cash in on Bitcoin’s rally.