4 days left until Bitcoin halving

We tell you what happens to Bitcoin and the digital asset market four days before the halving and what topics are discussed by participants in the crypto industry.

What's happening in the market

Yesterday, April 15, Bitcoin recovered to $66,900, and then began to fall. On the morning of April 16, the cryptocurrency rate dropped to $61,700. As of the time of writing this review, the asset is trading at $62,424.

Following BTC, many coins from among the leaders in capitalization also showed negative dynamics.

Let us remind you that over the weekend the coin dropped to $60,000 amid the escalation of the conflict between Iran and Israel. Investors rushed to transfer savings into less risky savings assets, such as gold, the price of which reached an all-time high on April 12, 2024. The cryptocurrency was the first to come under scrutiny as trading on traditional exchanges was closed on Saturday and Sunday.

BTC also came under pressure from expectations related to a likely sell-off of the cryptocurrency by miners. Analysts at 10x Research warned that after the halving, market participants could put up $5 billion worth of bitcoins for sale. In their opinion, pressure from miners will lead to the fact that BTC will not be able to resume growth within six months.

Bitcoin’s position was not strengthened even by the positive news about the approval of spot ETFs for BTC and ETH in Hong Kong.

The index of fear and greed is decreasing, but remains in the green zone. This situation indicates the continued interest and readiness of buyers to invest in crypto. A decrease in the metric from extreme values ​​may also indicate a cooling of the market and a reduction in prices to fair values.

According to CoinMarketCap, the capitalization of the crypto market fell by 4.31% per day – to $2.28 trillion. Trading volume, on the contrary, increased by 4.21% to $118.56 billion.

What they're talking about online

Members of the crypto community are discussing the prospects for the further movement of BTC in the current conditions. Head of the analytical platform CryptoQuant Ki Young Joo noticed subscribers to stagnation in the spot Bitcoin ETF market. Let us remember that interest in the instrument at the beginning of 2024 became one of the main factors in the growth of BTC. Against the backdrop of the launch of trading in spot Bitcoin ETFs in the United States, the cryptocurrency for the first time in history updated its absolute maximum value before the next halving.

Ki Yong Ju noted that, despite the stagnation in the spot Bitcoin ETF market, on-chain accumulation of cryptocurrencies is showing positive dynamics.

Analyst Willy Woo thinksthat the launch of trading in the instrument in the United States could bring the BTC rate to $650 thousand. In his opinion, as the market for spot Bitcoin ETFs matures, the cryptocurrency will be able to surpass gold in capitalization.

Members of the crypto community are also warning of a likely increase in volatility as the halving approaches. Analyst Michael van de Poppe notedthat before the next major impulse, which could set the direction of BTC's movement, volatility should decrease.

Some market participants believe that Bitcoin has already been oversold. Such a theory adheres to investor in The Wolf Of All Streets. He drew attention to the possible formation of a bullish divergence on the cryptocurrency chart, which could be followed by the asset going up.