BTC Update 04/18/2024, 59626(-3%)
Journaling Days: 05
BTC printed its lowest 59626 at 23:07/04/17/2024
BTC printed its highest 64483 at 12:16/04/17/2024.
Journal time: April 17th-18th. 7am-7am UTC+7
News Maker:
Bitcoin Halving Captures Global Attention as Hong Kong Embraces Crypto ETFs.
Despite recent price fluctuations, the Bitcoin community has reason to remain optimistic as the highly anticipated halving event draws near. Google Trends data reveals that searches for "Bitcoin Halving" have reached an all-time high, surpassing even the popularity of the previous halving in May 2020. This surge in public interest demonstrates the growing mainstream awareness of Bitcoin's inner workings and the significance of the halving event.
As the halving approaches, set to occur on April 20th, the Bitcoin network will undergo a significant change to its code, reducing the issuance of new Bitcoins and slashing miner rewards in half. Historically, halvings have been viewed as bullish events for Bitcoin traders and investors, as the reduced supply of BTC could potentially drive up demand and value.
While the current market volatility may be attributed to various factors, including geopolitical tensions and tax harvesting in the U.S., experts suggest that this pre-halving run-up is exhibiting lower volatility compared to previous bull runs. Adam Back, CEO of Blockstream, notes that the current market behavior mirrors the patterns observed in prior halving cycles.
In a parallel development, Hong Kong has introduced new Bitcoin and Ethereum Exchange Traded Funds (ETFs), signaling its ambition to become a leader in the crypto ETF market. Although regulatory challenges may affect investor participation, particularly from mainland China, Bloomberg's ETF analyst Eric Balchunas predicts that these ETFs could attract up to $1 billion in managed crypto assets within the first two years.
As the Bitcoin community eagerly awaits the halving and monitors the performance of Hong Kong's crypto ETFs, the current price of Bitcoin has momentarily dipped below $60,000. However, the strong defense by bulls above this psychological level demonstrates the underlying support and belief in the long-term potential of the world's largest cryptocurrency.
In conclusion, while short-term volatility may persist, the increasing global attention on the Bitcoin halving and the emergence of new crypto investment vehicles like Hong Kong's ETFs provide a positive outlook for the future of Bitcoin. As the ecosystem continues to mature and infrastructure improves, Bitcoin enthusiasts have reason to remain confident in the digital asset's long-term growth and adoption.
BTC Prediction for 04/18-19/24
Limit order:
Short: 64483.5
Long: 59525
Prediction expired at 04/19/24.07:00 am UTC+7.
BTC 04/17-18/24 Prediction (Update) #Half final
The last day's session was exciting because BTC opened our 2 position targets. Short target (64356.5) 12:15/04/17/utc+7 and long target (61521) opened at 21:19/04/17/utc+7. The short position could be closed at +2.11% profit and aggressively up to +4.40% profit. You can imagine the scenario from the provided chart snapshot. Your long position (61521) is not yet profitable. I plan to update this position after BTC prints 63k.
BTC 04/15-16/24 Prediction (Update)#3
Your Long (63820) is still undervalued. I plan to have it closed after BTC prints 67k