Bitcoin Halving Looms: Analysts Speculate on Potential Price Surge to $40,000-$50,000

As the highly anticipated Bitcoin block reward halving approaches, set to occur around April 24, 2024, the crypto community is abuzz with speculation about the potential impact on the cryptocurrency's price.

Timeline of Bitcoin

Digital asset investment products saw a fourth consecutive week of inflows totaling $137 million, as reported by CoinShares. The past month's combined inflows of $742 million represent the most extensive continuous inflows since late 2021.

In a recent newsletter by renowned analyst CryptoCon, a groundbreaking indicator known as the “Bitcoin DXY correlation coefficient” has captured the attention of the community. This indicator, which measures the correlation between Bitcoin and the U.S. Dollar Index (DXY), has shown remarkable accuracy in predicting Bitcoin's price movements and signaling the beginning of bull market parabolas.

In a recent press release earlier today by the Heal-the-Divide PAC, as reported by TheStreet, 2024 U.S. presidential candidate Robert F. Kennedy Jr. (aka “RFK Jr.”) unveiled a series of policy initiatives that could significantly reshape the Bitcoin landscape and bolster its position in the financial marketplace.

Presidential candidate Robert F. Kennedy Jr. revealed plans to back the U.S. Dollar with Bitcoin (BTC) and exempt the flagship digital asset from capital gains tax while speaking at a July 18 Heal-the-Divide PAC event.

Bitcoin (BTC) closed below US$30,000 for the first time in two weeks on Tuesday, having lost just shy of one percentage point to hit the midnight bell at US$29,500. It marked the fifth straight day of losses for the BTC/USDT pair.

Prospective Democratic party presidential candidate Robert F. Kennedy Jr has made an endorsement of his own during a virtual conference in which he detailed plans to back the US dollar with bitcoin, the world's largest cryptocurrency.

Democratic presidential candidate Robert F. Kennedy Jr has made an endorsement of his own during a virtual conference in which he details plans to back the US dollar with bitcoin, the world's largest cryptocurrency.

The Turkish Lira fell to a fresh low against the U.S. dollar ahead of a central bank rate decision this week. The move has caused Bitcoin prices to reach a record all-time high against the local currency.

The managing partner of Fundstrat Global Advisors, Tom Lee, is making a six-figure prediction for Bitcoin (BTC). Lee says in a new CNBC interview that Bitcoin could explode by over 500% from the current level within five years.

London-listed bitcoin miner Argo Blockchain PLC (LSE:ARB, OTCQX:ARBKF, NASDAQ:ARBK, ETR:0XP) has issued a total of 51,340,000 ordinary shares to institutional investors Tennyson Securities at 10p per share. The non-pre-emptive placing raised £5.134mln.