What’s Up With Bitcoin?

by | May 16, 2024

So if you haven’t been living under a rock, you have probably heard endless chatter about the Bitcoin Halving for the past 18 months.

Then last month, it built to a fever pitch as Bitcoin finally approached the long-awaited Halving mark on April 20th.

And then nothing…

Maybe you’ve even had your eye on Bitcoin and wondered what all the hoopla was about…?

After all, Bitcoin hasn’t done very much since the Halving came and went.

In fact, after hitting an all-time high way back in mid-March — over a month before the Halving — it’s kind of fizzled.

Since then, it’s been nothing but a choppy, sideways-to-down pattern, hitting a low of about $57,000 back at the beginning of May.

So what’s going on?

Well, Jeffry filled us in just yesterday on Morning Monster.

First things first: While the Halving hype was exciting and much-anticipated, it wasn’t the main event.

As Jeffry has been telling us repeatedly: It was just the starting line.

nd Bitcoin has a bit of a habit of stumbling out of the blocks when the starting gun is fired.

Because, while the Halving is overall bullish for Bitcoin, it’s always been a bit of a sleepy start.

If this is your first time experiencing this up close, it can seem a bit slow and boring…

But stick with it, because it looks like Bitcoin is starting to shake off the nap and get started on what could be an epic run.Bitcoin chart showing resistance just below $68,000 that it needs to clear before moving higher.

We’ve covered this many times before, but to quickly recap: This current Halving cycle is unlike any other because of a few factors:

  • After years of ridicule and doubt, legitimate Wall Street institutions have begun backing the digital currency and creating plans to incorporate it into their offerings.

  • A slew of Bitcoin spot ETFs was approved back in January by the SEC, allowing both non-technical retail investors and (finally) large institutions to invest in the digital currency.

  • The Bitcoin spot ETFs will be required to hold a certain amount of Bitcoin, based on fund size, so an increasing amount of Bitcoin will be “permanently” locked away as these funds scramble to cover their obligations.

  • An increasing number of financial institutions are starting to push a 1 – 3% allocation to their clients. Imagine what 1 – 3% of the TRILLIONS that these institutions manage could do to the price of Bitcoin.

  • This is the first halving cycle that Bitcoin will be mined at a slower replacement rate than gold.

All this means that when Bitcoin takes off this time, it could really shoot right past all expectations.

Stay tuned, while watching the day-to-day movement of Bitcoin is fun on days like today, Jeffry reminds us that this is a long game, to be played over the next 12-18, possibly 24 months.

Get Jeffry’s full Bitcoin update on yesterday’s Morning Monster at the 8:12 mark.

— The Prosperity Pub Team

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