Is this the promised post-halving bullrun which will push Bitcoin to a new ATH?

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Last Updated on 21 July 2024 by CryptoTips.eu

It is, to say the least, quite remarkable that in one week all the recent negativity surrounding Bitcoin has suddenly disappeared. Stock markets have been struggling just as crypto has risen again since the failed assassination attempt on Donald Trump. Bitcoin is only 10% below its ATH. Is this the start of that long-awaited post-halving rally?

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ETF

Back in January we received the long-awaited approval of the Bitcoin ETFs. That decision started a big rally as American boomers finally felt it was safe enough to invest in Bitcoin, the mysterious money they heard about from their children every Christmas and Thanksgiving ( but that they did not trust until BlackRock gave its approval).

Thanks to the influx of that ‘boomer’ money, a new ATH was touched in March of this year.

The halving followed in April. This normally equates to the start of another rally, but since we already got one in the first quarter, we saw a sideways movement that became very ‘boring’ after a while. Two weeks ago it seemed like we were going down to test the new support line, but remarkably, something fundamental changed.

Weak dollar

The assassination attempt on Donald Trump greatly increased his chances of becoming president, and this had an immediate effect on the price of Bitcoin.

Now that we are close to $70,000 again with an American fiat currency that is simultaneously losing strength, the technical picture suddenly looks a lot better for the biggest digital currency. Is this the long-awaited post-halving rally that will take us to $80,000 and beyond?

Much depends on what the stock markets do in the coming weeks. We seem to have less correlation, but should the stock markets really start a selloff, crypto normally falls along with it. If the stock markets remain stable, Bitcoin can indeed go higher.

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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