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Santiment's blockchain data indicates that traders are showing signs of optimism, largely driven by positive sentiment regarding the potential approval of a Bitcoin Exchange-Traded Fund (ETF) in the United States.
With FOMO spreading throughout the market, accumulation is expected to increase. According to market data from CoinGecko, Bitcoin has risen by 28% since the beginning of October, surging 33% in the past 30 days to $34,802.
Successfully retesting the $35,000 resistance level could confirm an uptrend to $40,000, marking the beginning of a rebound ahead of the halving.
Two factors are expected to drive the next bull run: the approval of a BTC spot ETF and the halving event scheduled for April 2023. Optimism regarding the ETF has been growing, and BlackRock might lead the way in this new era.
Similar to previous halving events, the next one will significantly reduce miner rewards, thereby decreasing the Bitcoin supply. With increasing demand, Bitcoin's price is expected to surge, reaching historic highs.
Research and data analyst James V. Straten stated that investors are accumulating Bitcoin eagerly in preparation for the bull market. Straten tweeted that in the past 30 days, all holders "have absorbed 103,000 Bitcoins, including miners and exchanges." |
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Post time 8-11-2023 06:52:59