Bitcoin (BTC) underwent a rollercoaster ride over the weekend, dipping to $60,000 before recovering. This correction sparked concerns within the crypto community, particularly with the upcoming Bitcoin halving event.

On Spot Bitcoin ETFs

Peter Schiff, a vocal Bitcoin critic, reiterated his past warnings regarding spot Bitcoin ETFs, suggesting a potential “doom drop” for BTC. He argued that limited market hours for these ETFs could prevent investors from selling during a sudden price decline. However, Bitcoin bounced back shortly after his post, suggesting the market’s resilience.

The recent approval of three spot Bitcoin and Ether ETFs in Hong Kong may not be as impactful as initially anticipated. Senior analyst Eric Balchunas predicts these ETFs will struggle to attract significant inflows due to the limited size of the Hong Kong ETF market and the exclusion of mainland Chinese retail investors. Additionally, the capital environment and fees associated with these ETFs are less favorable compared to the US market.

Despite BlackRock’s recent embrace of Bitcoin, skepticism persists among some financial professionals. Mike Green of Simplify Asset Management views Bitcoin as a “bubble,” while others like Kathryn Vera and Peter Schiff remain unconvinced about its long-term viability. However, some analysts like Jamie Coutts believe these ETFs will open up a “massive pool of capital” for savvy Chinese investors who can circumvent capital controls.

Bitcoin Halving Outlook

Analysts downplayed the correction, viewing it as a minor blip. MacroCRG highlighted the strength of Bitcoin’s chart, while Rekt Capital believes BTC successfully defended a critical support level. The analyst charted a “Last Pre-Halving Retrace” phase, suggesting a potential price surge after the halving, followed by a “Post-Halving Parabolic Upside.”

Crypto Jelle urged investors to stay calm, emphasizing that Bitcoin is consolidating above previous cycle highs. He reaffirmed his prediction of $82,000 post-halving, with a more bullish target of $180,000 based on the current bull market pattern.

Whale Activity and Runes’ Impact

The recent awakening of a 14-year-dormant Bitcoin wallet holding 50 BTC (around $3.28 million) reignited discussions about long-term Bitcoin holders. While the owner’s motives remain unclear, it underscores Bitcoin’s long-term value proposition.

Despite increased activity among whales in April, analyst Kashif Raza notes their hesitancy to buy new coins, suggesting a wait-and-see approach.

The launch of Runes, a new token standard, is expected to “close the gap” between Bitcoin and other blockchains in the fungible digital asset space, according to investment firm Franklin Templeton Digital Assets. Runes are seen as an improvement over existing solutions due to their efficiency and compatibility with the Bitcoin Lightning Network.

Impact of Spot Bitcoin ETFs and Halving on Bitcoin Price

With the halving approaching, Bitcoin is increasingly seen as a valuable long-term savings tool. A new report by Joe Burnett highlights Bitcoin’s unique attributes, including its upcoming supply reduction, which will make it even more scarce and potentially drive up its price. Traditional assets, on the other hand, are susceptible to devaluation due to inflation and advancements in technology.

Bitcoin’s historical performance following halving events is also encouraging. Analyst Matthew Howells-Barby points out that new all-time highs have typically been reached within a year after previous halvings. The influx from spot Bitcoin ETFs might have accelerated price appreciation, potentially setting the stage for another bullish cycle post-halving.

Market analyst Lady of Crypto believes the recent decline is a typical pre-halving dip and not indicative of a broader market correction. She advises investors not to panic and highlights the potential for further gains after the halving.

Bitcoin Price Predictions for 2024 and Beyond

Price predictions for Bitcoin range from $100,000 to $120,000 in the current bull run, with some analysts like Cathie Wood projecting a staggering $1.48 million by 2030. The increased institutional participation through spot Bitcoin ETFs is expected to reduce volatility and bolster Bitcoin’s position as a superior savings tool.