The Bitcoin roller coaster ride has not ended yet, with many more twists and turns, and highs and lows expected.
The halving event was probably not priced in, but that does not guarantee the same returns from this BTC cycle as earlier ones., as some market participants feared. While things might change later this week, the $60k support zone was defended on the 19th of April.pointed out that we are not close to this cycle’s top. The Unrealized Profit Ratio metric showed that long-term whales were only at a 234% profit.
This raises the question of a further drop in whale profits during this cycle’s top. Therefore, expectations of Bitcoin to $200k might be ambitious- but only time will tell. The past two weeks saw Bitcoin prices decline from 10% to 15%, but the ETF inflows were not boosted. It pointed toward a saturation in the demand for U.S.-listed Bitcoin ETFs at the moment.The halving event on the 19th of April is an event the whole market has known about for years.The crux of the problem is the multitude of other factors in play, all of them revolving around supply and demand, and public sentiment toward Bitcoin.
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