Bitcoin prices have remained relatively stable over the past day, hovering around $43,000. The leading cryptocurrency saw low volatility over the weekend, typical ahead of US trading hours on Monday.
While hype from the recent launch of Bitcoin spot ETFs in the US has faded, traders are looking ahead to the next potential major catalyst for a price surge – Bitcoin’s next “halving” supply change in April 2024.
Bitcoin price hovering around $43,000 after a relatively flat weekend, with low volatility ahead of US trading hours
Chainlink’s LINK token up 7% in last 24 hours, reaching 22-month high due to increasing interest in tokenization of real-world assets
Ronin Network’s RON token fell 9% after Binance announced listing it, following a trend of token prices falling when exchange listings are announced
Analysts say buying pressure on Bitcoin is increasing while selling pressure eases, and macroeconomic factors favor Bitcoin price growth
Bitcoin’s next “halving” supply change in April 2024 could lead to price surge as demand is expected to significantly outweigh reduced supply
The so-called “halving” refers to a programmed change in Bitcoin’s supply issuance that cuts the reward for mining new blocks in half. With the next halving expected to slash monthly Bitcoin issuance from 27,000 coins to around 13,500, demand could significantly outstrip the reduced supply.
According to Glassnode data, smaller Bitcoin holders have been accumulating coins lately, while larger “whales” and institutional-sized players have also been net buyers. Exchanges have seen an inflow of coins as well, signifying increased selling pressure in the near-term.
In the past week, Bitcoin prices have stabilized between $42,000 and $44,000. Some analysts say macroeconomic conditions still favor Bitcoin price growth, while buying demand has been consisently met dips below $42,000.
One standout gainer recently has been Chainlink’s LINK token, which has rallied to a 22-month high on building momentum around real-world asset tokenization.
Meanwhile, increased exchange listings have hurt some altcoins like Ronin Network’s RON token in the short-term.
With spot Bitcoin ETFs now launched in the US, traders are left waiting for the next narrative to drive crypto market volatility. That looks likely to come in April with the marquee halving event.
If buying activity remains strong from both smaller retail traders and larger institutional players, while supply gets squeezed, conditions appear ripe for a potential price breakout.
Of course, Bitcoin often moves in line with wider risk asset sentiment as well. So the crypto markets may also sway depending on upcoming economic data releases and central bank policy signaling.
The post Bitcoin BTC Price Stable Back Above $43k: Chainlink LINK Sees Big Gains appeared first on Blockonomi.