With about 35k Bitcoin coins left to mine until the fourth halving event, BTC price against all global fiat currencies has risen to respective new all-time highs (ATH), thus signaling the onset of the euphoric bull season.
The flagship coin has rallied 50 percent in the past four weeks to trade at about $72,000 on Tuesday. Up around 5 percent from the prior ATH set during the 2021 bull rally, Bitcoin price is slated for further gains in the coming months.
Why Bet On Bitcoin Rise
Bitcoin has proved to be a useful asset to global investors in hedging against uncapped inflation and poor monetary policies. For instance, the United States’ national debt has crossed $34.5 trillion after adding $100 billion in March so far. According to veteran economist Peter Brandt, the U.S. national debt is looking at an increase of about $3.6 trillion per annum, thus forecasting $40 trillion by next year.
As a result, leading financial institutions from Wall Street and across the world have accelerated the Bitcoin accumulation pace.
According to on-chain data, crypto whales have been purchasing an average of 10k BTC per day in the past few weeks, while miners can only produce 900 per day. With the halving around the corner, it is safe to assume Bitcoin will register more gains in the coming months.
On the Flipside
According to a popular crypto analyst Michaël van de Poppe, investors should be prepared for the inevitable 20-30 percent Bitcoin correction to happen in the ongoing bull run. In case of a sudden sell-off, Poppe believes Bitcoin price will find solid support between $45k and $52k.
Moreover, heightened crypto volatility is expected to be triggered by Tuesday’s U.S. CPI data, which provides crucial data on general inflation and interest rates.
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