As the probability of a Bitcoin ETF getting the green light increases, more and more people are making six-figure price predictions for BTC, especially now that the April 2024 halving is only 180 days away.
With the advancements of web 1.0, web 2.0 and web 3.0, many are wondering how to invest in the latter. There are some differences between web 1.0, 2.0 and 3.0, such as the metaverse and web 3.0. It is important to understand the difference between web 3.0 and web 2.0, as well as the difference between web 1.0, 2.0, 3.0 and 4.0.BTC price historical patterns, halving
The price of Bitcoin (BTC) has a tendency to move in cycles. Analysts have made the connection between the current trend and earlier patterns, which point to a possible bullish cycle similar to the one seen in 2013-2017.
Furthermore, the historical bull runs of Bitcoin have been known to follow four-year cycles, which are often triggered by events like the halving. This process reduces the rate of new BTC creation and rewards for miners.
The upcoming halving event is scheduled for April 2024. Normally, the price of Bitcoin starts to rise a few months before the halving and continues to grow until it reaches a new all-time high. This is why more and more people are predicting that the price of BTC will exceed $100,000.
While some think that the upcoming halving will be the most significant one yet, others believe that it may not have the same effect this time.
Bitcoin accumulation: Not only whales
Investors with significant holdings are showing trust in Bitcoin by increasing their portfolios. Analytics of on-chain data have revealed a shift in trend, where major investors are trading stablecoins for more Bitcoin, which could potentially add fuel to the fire and bring the price beyond $35,000.
Moreover, Bitcoin “whales”, or entities with at least 1,000 BTC, are showing signs of accumulation, which has previously preceded major rallies.
Glassnodes data shows Bitcoin’s Accumulation Trend Score is currently 1 (chart above), which implies that, on the whole, larger whale entities, which are a major part of the network, are accumulating.
Furthermore, smaller entities have set records of accumulation, setting new highs all throughout 2023.
Bitcoin ETF approval becoming likely
The debate about Bitcoin ETFs in the United States has been intensifying.
As per the analysis of Bloomberg ETF analysts, the probability of a Bitcoin ETF getting approved is 65%. If granted, such a ETF could draw in more institutional investors to the crypto realm and have a positive effect on the value of the cryptocurrency.
EY believes that a Bitcoin ETF is expected to generate massive demand from institutional investors.
Crypto market sentiment upswing
The cryptosphere’s Fear & Greed Index, a barometer of investor sentiment, registered a notable score of 72, suggesting a prevailing “greed” in the market.
This change in market sentiment has been a precursor to price rallies in the past and could be a sign of an upcoming bull run. Notably, this is the highest level of “greed” since November 2021, when Bitcoin hit its all-time high of $69,000.
To understand the difference between Web 1.0, Web 2.0 and Web 3.0, one should know that Web 1.0 is characterized by static webpages, while Web 2.0 is characterized by dynamic user-generated content. Web 3.0, also known as the metaverse, is a more interactive and immersive version of the web. It is important to note the differences between Web 3.0 and Web 2.0, such as the use of Artificial Intelligence, the ability to create virtual worlds, and the ability to connect different devices. Additionally, Web 1.0, 2.0 and 3.0 all have different levels of security, scalability, and usability.
For those interested in investing in Web 3.0, it is important to research the different projects and understand the risks and rewards associated with each.
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