Bitcoin Price Rises Above $66K After 2024 Halving
Bitcoin Price Rises Above $66K After 2024 Halving. Over the weekend, in response to increased demand from institutional investors, Bitcoin underwent its halving event, setting the stage for a race to $100,000 and beyond.
The daily emission limit has been reduced to 450 coins, equivalent to around $29.7 million after Saturday’s fourth Bitcoin (BTC) halving. One factor contributing to the general surge in demand is the approval of spot Bitcoin ETFs in the United States. When you add in Hong Kong’s recent green light for spot Bitcoin ETFs, it’s reasonable to say that Bitcoin bulls have the upper hand.
Not to mention that nearly all signs point to a new ATH soon.
Bitcoin Network Reorganization
With the global hash rate falling from 700Ehash/s on April 14 to approximately 595Ehash/s on Monday, Bitcoin miners have been preparing for the halving event over the previous week. Global miners have been forced to upgrade their rigs to the latest versions due to the persistent increase in the overall mining difficulty.
Over the previous few days, the cost of transferring Bitcoin has fluctuated wildly, following the noticeable shifts in Bitcoin miners. Despite a decrease in non-zero addresses, the total fees paid to Bitcoin miners rose over the weekend. Hash price data supplied by mempool.space indicates that a low-priority option is roughly $8.7 BTC, and a high-priority option is around $10.18 BTC.
Despite restructuring the mining rigs, Bitcoin miners have continued to hoard more currency, according to on-chain data. Maybe Bitcoin miners are taking advantage of tax credits and rebates to switch to renewable energy for their mining machines. In addition, as fiat inflation rises and the crisis in the Middle East escalates. The price of crude oil will rise across the board.
What Next for BTC Price after Bitcoin Halving 2024
The flagship coin of Bitcoin finally closed near the top of the bull cycle in 2021 during the fourth halving event, a first in the history of the cryptocurrency. Consequently, most crypto experts have a positive outlook on the price of Bitcoin and the overall cryptocurrency sector. The Market Value to Realized Value (MVRV) ratio puts Bitcoin’s price on the verge of a 70% surge, claims prominent crypto expert Ali Martinez.
The crypto researcher pointed out that the MVRV ratio fell below the 90-day average. A level that has traditionally been seen as a favourable chance for buyers.
A well-known expert, MikyBull Crypto, shared this optimistic forecast and said. The price of Bitcoin needs to close each day above the 50 Moving Average (MA). The crypto researcher said that the bulls are currently in charge. Bitcoin’s price has been trading inside a horizontal consolidation.
In addition, the daily RSI has emerged from a bullish flag, suggesting further increases are on the horizon.
