As we enter a new month, the anticipation surrounding the 4th Bitcoin block reward halving, just 20 days away, has peaked. With this countdown, Bitcoin‘s price has shown notable strength in recent days. The largest cryptocurrency is currently trading around $69,500 and indicates optimism among investors and traders with a market value of $1.36 trillion.
Analyst Expects Bitcoin to Rise
According to the analysis of experienced cryptocurrency analyst Rekt Capital, Bitcoin has entered a significant breakout process with its weekly close above $69,000, the highest level of all time. The analyst suggests that for this breakout to be confirmed, Bitcoin may need to retest this range as a new support and complete the second step to fully validate the breakout.
Rekt Capital ultimately expects BTC‘s price to potentially rise to $75,000 as the 4th block reward halving approaches. The analyst emphasized that Bitcoin’s first monthly close above the all-time high of $69,000 is a strong indicator of bullish momentum.
On the other hand, Morgan Creek Capital Management CEO and Chief Investment Officer Mark Yusko expressed his confidence in a significant price rally following this month’s block reward halving. Yusko predicts a Bitcoin price of $150,000 by year-end and expects a parabolic rally that historically tends to occur about nine months after a block reward halving.
Macroeconomic Data Will Play a Role
In addition to all this, before the 4th block reward halving, attention continues to focus on macroeconomic data from the US for the performance of the spot Bitcoin market. Most recently, flows into US spot Bitcoin ETFs were shaped by data such as the Personal Income and Outlays report and the Personal Consumption Expenditures Index announced in the last week of March.
Experts warn that the performance of the US spot Bitcoin ETF market will continue to be shaped by macroeconomic indicators, especially in terms of net inflows or outflows.
