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Bitcoin Soars As Trader Warns Last Chance To Accumulate Is Over
- RektCapital predicts the end of profound pullbacks for Bitcoin, indicating the start of a pre-halving rally and approaching its all-time high against the AUD.
- Despite the ongoing rally, a final pre-halving correction is expected within 50 days before the halving event, which traditionally reduces new Bitcoin supply and potentially leads to a bull run.
- The rally is also driven by significant demand for Spot Bitcoin ETFs, with remarkable trading volumes indicating a growing interest in cryptocurrency investments, potentially outpacing Gold ETFs in AUM by 2026.
It’s over. The time for deeper pullbacks has ended. It’s now time for the BTC Pre-Halving Rally (light blue).
RektCapital
This is how popular analyst RektCapital started a post in response to a previous one where they said that time to put your funds towards Bitcoin is running out. This comes after Bitcoin and many other assets have rallied over the past day.
Bitcoin has breached the USD $56,000 (AUD $85,000) mark and is now nearing its all-time high in the BTC/ AUD pair.
But What About The Bitcoin Halving?
Back to RektCapital though, who believes despite the current rally we are going to see one last pre-halving correction. Don’t forget that the halving is only 50 days away. The Bitcoin halving, which occurs roughly every four years or every 210,000 blocks, slashes the rewards for BTC miners in half.
This reduces the new supply of Bitcoin, often leading to a bull run 12-18 months post-halving. RektCapital is essentially saying we are likely to see one more correction before (blue circle) we are off to the races.
Other Factors Driving Price: Demand For ETFs
While Bitcoin halving and a renewed interest in crypto fuels the current rally, there is of course the big elephant in the room: Spot Bitcoin ETFs. And that is quite the chubby elephant—Monday trading in the United States revealed that the Bitcoin ETFs received USD $2.4 billion (AUD $3.67 billion) in volume just that day alone. More than double the daily average of the prior week.
IBIT alone, which is BlackRock’s iShares Bitcoin Trust (IBIT), received USD $1.292 billion (AUD $1.973 billion) in trading volume—quickly becoming a BlackRock flagship ETF, closing in on its own iShares S&P 500 (IVV).
At this pace the Spot Bitcoin ETFs are rumoured to surpass Gold ETFs in assets under management (AUM) by 2026, Senior Bloomberg ETF analyst Eric Balchunas predicts.
Author
Aaron Feuerstein
Aaron Feuerstein is a freelance writer based in Melbourne. His focus is on decentralised finance and the regulatory space surrounding blockchain. He holds a Master's in Accounting. When he is not studying the latest legal case, he enjoys his time as a modest but eager hobby cook.
