5 Major Catalysts That Could Push Bitcoin Price to $150,000

The first half of 2024 has been exceptionally bullish for the cryptocurrency market in general. Bitcoin, in particular, has seen significant developments, including the approval of a spot ETF in the US and its fourth halving event. These milestones have sent Bitcoin’s price 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 perhaps accelerate Bitcoin’s bull run, aiming to reach the $150,000 milestone.

1. The Bitcoin halving has not yet had an impact on 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 causes a direct impact on the new supply of BTC entering the market and as demand pressure increases, the asset is poised for a rebound.

However, Bitcoin price action has been sluggish following the halving, indicating post-halving consolidation in the market. Prominent trader Rekt Capital suggests that a weekly candle close above $71,500 could trigger a breakout from Bitcoin’s reaccumulation range. However, historical patterns indicate that Bitcoin may need to consolidate within this range for several more weeks.

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

Read also: Bitcoin Price Rises to $100,000 After BTC Halving, Bitwise CEO Said & More

2. Cryptocurrency Adoption via ETF Launch

On January 11, the top 10 Bitcoin ETFs began trading on the US market, attracting a wave of initial investments into the asset. The impact of this development was evident in the February rally in BTC price, which reached a new high of $73750 in March.

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

Unlike the Bitcoin ETF, the Ethereum ETF could provide better validation for 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 strengthen the bullish run in Bitcoin prices

The upcoming US presidential election could be a significant catalyst for a bull run in the cryptocurrency market. Republican candidate Donald Trump has been increasingly vocal in his support for the cryptocurrency industry, in contrast to President Biden’s policies.

Trump expressed a positive outlook on cryptocurrency companies, underlining the need for the United States to be a leader in this burgeoning industry. He stated on his Truth Social account: “I am very positive and open-minded about cryptocurrency companies and everything about this new and thriving industry. Our country must be a leader in this field and there is no second place.”

Therefore, pro-cryptocurrency policies could promote innovation, attract investment and provide clearer regulatory frameworks.

Read also: Cryptocurrency Market Prediction: MVRV Report Suggests Bitcoin Bull Run Has Room to Grow

4. Interest rate cuts and monetary policy

Potential interest rate cuts by the Federal Reserve in the second half of 2024 could create a favorable macroeconomic environment for Bitcoin. Lower interest rates generally lead to more investment in speculative assets like Bitcoin. Ongoing inflation and high federal debt levels could also force the Fed to maintain accommodative monetary policy, further increasing Bitcoin’s attractiveness as a hedge against inflation.

5. Reversal Pattern to Strengthen Porlong Bitcoin Rally

Bitcoin Price | Tradingview

Daily time frame analysis shows that Bitcoin prices are developing an inverted head and shoulders pattern. This pattern is commonly identified at a major market low and reinforces a sustainable recovery trend after the neckline is broken.

At the time of writing, BTC price was trading at $68,080 and had a market capitalization of $1.341 billion. If the pattern holds, coin holders may witness a major correction to develop the right shoulder for the chart setup. The retracement could be the last pullback before the asset price makes a sustainable break from the $73750 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 see a parabolic rally, potentially reaching the $150,000 mark.

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