Bitcoin, Ethereum, Dogecoin rally as BTC halving approaches: Analyst says King Crypto likely to reach $300,000 this cycle

Major cryptocurrencies experienced slight gains on Sunday night, with the apex cryptocurrency approaching long-awaited levels Bitcoin halving.

what happened:By virtual currency exchange coinbasemany crypto traders are eyeing the Bitcoin halving event as a key factor that could lead to a potential price spike.

However, Coinbase notes that timing may be an obstacle. Coinbase further explained in its market commentary report on April 5th that the crypto market needs to identify another storyline in order to continue to drive prices up across the board.

The exchange said, “The BTC halving, currently scheduled for April 20th or 21st, could trigger a price rally, but it comes at a time when the cryptocurrency market and other risk assets are typically weak. need to be addressed.”

The occurrence of a halving event is often associated with an increase in Bitcoin price. After the last halving event in May 2020, the price of Bitcoin skyrocketed. Starting at $8,787 during the halving, the cryptocurrency experienced a rally, ultimately reaching nearly $69,000 in November 2021.

Halving events, which halve the rate at which Bitcoins are produced by the network approximately every 10 minutes, typically occur after 210,000 Bitcoins have been mined and occur approximately every four years. This year's halving is expected to occur around April 20th, but there are indications that it could be even earlier.

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Currently, the global cryptocurrency market capitalization has reached $2.5 trillion, increasing by 0.75% in the past 24 hours.

Stock futures edged up slightly in overnight trading Sunday after the market fell last week after pausing its 2024 rally. Dow Jones Industrial Average futures rose 55 points, while S&P 500 futures and Nasdaq 100 futures both rose 0.1%.

Both the Consumer Price Index and Producer Price Index are expected to be released later this week. Economists polled by Dow Jones expect a 0.3% increase. consumer price index (CPI) increased from the previous month, increasing by 3.5% compared to the same month last year.

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analyst notes: Virtual currency analyst michael van de poppe This suggests that Bitcoin still faces significant resistance. If we can break through this barrier, we can expect the stock to continue toward new all-time highs. “Bitcoin was $70,000 before the halving. It will probably be $300,000 this cycle.”