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And… lambos sold out until 2026…

Following yesterday's resurgence in net inflows (+$562 million) into spot bitcoin ETFs…

Source: Bloomberg

Bitcoin prices have topped $69,000…

Source: Bloomberg

Taking out November 2021's record high…

Source: Bloomberg

However, as @AutismCapital noted on X:

CoinTelegraph reports that following the new high, Bitcoin briefly became the eighth-largest asset in the world after its market capitalization briefly overtook the $1.347 trillion market capitalization of silver, the second-largest precious metal in the world, according to CompaniesMarketCap data.

“Breaking all-time highs, with the current momentum in spot ETFs as well as the upcoming halving narrative, would likely awaken true FOMO — fear of missing out — among participants currently watching markets from the sidelines,” said Stefan von Haenisch, head of trading at OSL SG Pte.

And so where from here?

As CoinTelegraph's Zoltan Vardai reports, while Bitcoin’s pre-halving rallies are historically profitable for investors, analysts expect the biggest gains to come after the halving, with some eyeing $130,000 to $180,000 by the end of 2025.

Bitcoin’s 4-year halving cycles are widely associated with the subsequent crypto market bull runs that generally lead to new Bitcoin all-time highs. But is the much-awaited halving the right time to invest in the world’s largest cryptocurrency?

Based on historical Bitcoin price data, the halvings could be a great time to buy for investors with longer time horizons, according to Vetle Lunde, a senior analyst at K33 Research. Lunde told Cointelegraph:

Bitcoin breached the $60,000 mark for the first time in over two years on Feb. 28, 47 days before the halving, and the world’s first cryptocurrency is up 30% over the past week.

The Bitcoin halving halves the rate at which new BTC are issued into circulation every four years. The network will stop producing new Bitcoin once 21 million coins are created by the year 2140, which will be the year of the last Bitcoin halving.

According to Bryan Legend, investor and CEO of Hectic Labs, the pre-halving period can be a profitable time to hold Bitcoin. He told Cointelegraph:

Bitcoin’s pre-halving rally to the $67,611 mark was largely assisted by record inflows in the 10 new spot Bitcoin exchange-traded funds (ETFs) in the United States. 

According to CoinShares analyst James Butterfill, 

According to the report, Bitcoin accounted for “94% of the inflows” at $1.72 billion, as U.S.-based funds continued to dominate with net inflows totaling $1.88 billion.

Sergei Gorev, a risk manager at fintech platform YouHodler, said that Bitcoin ETF inflows are a significant part of the current rally, along with the pre-halving anticipation. He told Cointelegraph:

Can Bitcoin price reach $120,000 by the end of 2024?

Bitcoin price typically rallies into the halving but sees a consolidation immediately after the halving, according to K33 Research’s Lunde. He said:

However, Lunde only expects a brief correction, before Bitcoin resumes its price rally to new all-time highs.

All-time Bitcoin chart, incl. Halvings. Source: Bitbo

Bitcoin’s end-of-year price could reach around $80,000 to $85,000 in the worst case and $120,000 to $130,000 in the bullish case, according to Hectic Labs’ CEO, Bryan Legend. He told Cointelegraph that this will mainly depend on macroeconomic conditions:

Finally, we note that a big sell order hit right as Bitcoin took out the record highs…

Which prompted some mockery…

To the moon?

Not only is it best performing asset, up 62% YTD, it also has the highest sharpe ratio of any asset class…

We now have to wait with baited breath to hear what Jim Cramer thinks.