After the halving event, the Bitcoin price chart followed a stable trajectory, while both bulls and bears laid low, resulting in a narrow trading range for the crypto market.
Since last week’s Bitcoin halving event, the crypto market has been on a relatively balanced path. In the absence of volatility spikes, the Bitcoin price chart did not make major jumps in either direction. This week, Bitcoin touched as high as $67,000 but also dipped to $63,000. This trading range in the mid $60,000s will likely continue till the next week.
A Bitcoin bull market may not resume until macroeconomic pressures ease. These equate to tensions in the Middle East and high US inflation numbers. But before that, if the spot Bitcoin ETFs report higher inflows, then one could witness a short-term rally. A hike to $70,000 within April is also possible, while a mini-dip cannot be ruled out. Positive sentiments arise from the fact that Bitcoin has consolidated above $60,000.
Once Bitcoin picks up its movements, other altcoins could also take the cue. Tokens like ETH have firmly held its $3,000 support, but a price hike will come in handy next week. Other tokens like DOT, ADA, and SOL also traded with static returns. During this week, SHIB was an outlier, posting over 13% returns.
Despite the pause in upward movements, most analysts are optimistic about Bitcoin’s long-term prospects. In fact, a few analysts believe investments in crypto could exponentially rise because of high inflation rates. They believe investments in crypto could act as a hedge against this global phenomenon.
Once a Bitcoin bull run resumes, BTC price predictions will be tested. Three factors will probably influence a new Bitcoin bull run. Two of these, the spot Bitcoin ETFs and the Bitcoin halving event, have already occurred. An interest rate cut in the US will be the third factor that could boost the crypto markets in 2024.
This week, new regulatory rules in the EU have grabbed headlines for the region’s crypto firms. Australia is racing ahead with 1000 Bitcoin ATMs, and a new PayPal green mining reward was also in the news. Switzerland has seen a new Bitcoin movement taking shape, and advocates have urged their central bank to increase BTC holdings.
In hindsight, these are the tokens that posted the highest returns this week:
Compared to the previous week, double-digit returns are back in the crypto market.
But these tokens shed the highest losses:
It is slightly difficult to predict Bitcoin’s next direction of movement, but market sentiments seem to be on a strong footing in favor of bulls.
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