5 main catalysts that could propel Bitcoin price to $150,000

The first half of 2024 has been exceptionally optimistic for the broader crypto market. Bitcoin, in particular, has seen significant developments, including the approval of a spot ETF in the United States and its fourth halving event. These steps have sent the price of Bitcoin up more than 60% year-to-date, with the cryptocurrency trading just 8% below its recent high of $73,750.

Looking ahead to the second half of 2024, several additional catalysts are poised to support and possibly accelerate Bitcoin’s rise, with the goal of reaching the $150,000 mark.

1. Bitcoin halving has yet to impact the price

On April 20, the Bitcoin network completed its fourth halving, an event that reduces miner rewards for each block of Bitcoin mined from 6.25 BTC to 3.125 BTC. This development has a direct impact on the new supply of BTC entering the market and, with demand pressure increasing, the asset is poised to rebound.

However, Bitcoin price action has been slow since the halving, indicating market consolidation after the halving. Popular trader Rekt Capital suggests that a weekly candle closing above $71,500 could trigger a breakout of Bitcoin’s reaccumulation range. However, historical trends indicate that Bitcoin may need to consolidate within this range for several more weeks.

This extensive consolidation would align Bitcoin with its historical halving cycles, which typically precede significant bull runs. The current cycle acceleration is about 190 days, an improvement from the 260-day cycle in mid-March.

Read also: Bitcoin Price Climbs to $100,000 After BTC Halving, Says Bitwise CEO and More

2. Crypto Adoption via ETF Launch

On January 11, the first 10 Bitcoin ETFs began trading on the US market, attracting a flood of initiation investments into the asset. The impact of this development was evident by the rise in the price of BTC in February, which reached a new high of $73,750 in March.

Investor attention has now shifted to approving a Ethereum Spot ETF. Although the US SEC has approved the ETH ETF, issuers must wait for their S-1 registration statements to be approved before they can begin trading.

Unlike the Bitcoin ETF, the Ethereum ETF can provide better confirmation of similar financial products emerging for other altcoins. This development is expected to significantly improve the adoption of cryptocurrency assets, thereby strengthening the broader market trend and helping to increase market stability and growth.

Read also: MicroStrategy CEO Michael Saylor Celebrates Bitcoin ETF Reserve Surpassing 1 Million BTC

3. The upcoming US elections could reinforce the rise in Bitcoin prices

The upcoming US presidential election could be a significant catalyst for a rise in the cryptocurrency market. Republican candidate Donald Trump is increasingly vocal about his support for the crypto industry, contrasting with President Biden’s policies.

Trump expressed a positive view of cryptocurrency companies, emphasizing the need for the United States to take a leadership role in this booming sector. He said on his Truth Social account: “I am very positive and open-minded towards cryptocurrency companies and everything related to this new and booming industry. Our country must be a leader in this area and there is no second place.”

Thus, pro-crypto policies could foster innovation, attract investments and provide clearer regulatory frameworks.

Read also: Crypto Market Prediction: MVRV Ratio Hints Bitcoin Bull Run Has Room to Grow

4. Lower interest rates and monetary policy

Potential interest rate reductions from the Federal Reserve in the second half of 2024 could create a favorable macroeconomic environment for Bitcoin. Declining interest rates typically lead to increased investment in speculative assets like Bitcoin. Current inflation and high federal debt levels could also force the Fed to maintain an accommodative monetary policy, thereby increasing Bitcoin’s appeal as an inflation hedge.

5. Reversal Pattern to Strengthen Porlong’s Bitcoin Rally

Bitcoin Price| Commercial view

Daily time frame analysis shows that Bitcoin prices are developing an inverse head and shoulders pattern. This trend is typically seen during a major market bottom and reinforces a lasting recovery trend after the neckline breaks out.

At press time, BTC price was trading at $68,080 and held a market cap of $1.341 billion. If the trend continues, coin holders may witness a major correction to develop the right shoulder for the chart pattern. The retracement could be the last pullback before the asset’s price allows a lasting breakout of the $73,750 high.

Conclusion

The convergence of these catalysts – halving, spot ETFs, favorable monetary policies, November elections and favorable price behavior – sets the stage for a significant Bitcoin bull market. As these factors play out, Bitcoin could experience a parabolic rally, potentially hitting the $150,000 mark.

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