Today's Crypto and Bitcoin News

MicroStrategy has announced its plan to raise $500 million through the sale of convertible senior notes to buy more Bitcoin. This move highlights the company's strategic focus on the leading cryptocurrency. Let's dive into what this means for the crypto world.   Quick Take MicroStrategy aims to raise $500 million, with an option to increase by $75 million, through convertible senior notes maturing in 2032. The company currently holds 214,400 BTC, valued at approximately $14.52 billion, representing over 1% of Bitcoin's total circulating supply. The bond sale underlines MicroStrategy's ongoing strategy to invest heavily in Bitcoin, spearheaded by its founder and chairman, Michael Saylor. The notes provide flexibility in managing debt while benefiting from potential equity appreciation. This move could influence other companies to incorporate cryptocurrency into their treasury strategies. MicroStrategy’s New Bond Offering MicroStrategy plans to sell $500 million in convertible senior notes, due in 2032, to qualified institutional buyers. These notes, unsecured and senior obligations, will bear interest semi-annually. Investors can convert them into cash, MicroStrategy class A common stock, or both. This offering is subject to market conditions and might not be completed as planned.   The funds raised will be used to purchase additional Bitcoin, continuing MicroStrategy's aggressive investment in the cryptocurrency since 2020. This strategy has seen the company amass 214,400 BTC, making it the largest public-listed holder of Bitcoin.   Read more: MicroStrategy's Bitcoin Holdings and Purchase History: A Strategic Overview   Redemption of 2025 Convertible Notes MicroStrategy also plans to redeem $650 million worth of its 2025 convertible senior notes on July 15, 2024. Holders can convert these notes into MicroStrategy shares at a conversion rate of 2.5126 shares per $1,000 principal amount, with a conversion price of $397.99 per share.   MicroStrategy and Michael Saylor’s Bitcoin Acquisition Strategy MicroStrategy has previously used debt financing to acquire Bitcoin. For instance, in March, the company raised $600 million through a similar convertible note offering, leading to the acquisition of 9,245 BTC. In another instance, they purchased 12,000 BTC for $821.7 million using funds from a convertible debt offering.   These moves reflect the company’s belief in Bitcoin as a valuable treasury reserve asset, a stance strongly advocated by Michael Saylor.   Broader Market Implications BTC/USDT price chart | Source: KuCoin    MicroStrategy's actions signal a growing trend among businesses to incorporate cryptocurrency into their financial strategies. The move to raise funds through convertible notes for Bitcoin purchases highlights the increasing institutional interest in digital assets.   Michael Saylor has been a vocal proponent of Bitcoin, viewing it as a hedge against inflation and a superior store of value compared to traditional assets. By holding over 1% of Bitcoin’s total circulating supply, MicroStrategy positions itself as a significant player in the crypto market.   While this aggressive strategy can lead to substantial gains if Bitcoin's value appreciates, it also exposes the company to high market volatility. The price of Bitcoin can fluctuate significantly, impacting the value of MicroStrategy's holdings and its stock price.   Conclusion MicroStrategy's latest move to raise $500 million through convertible notes to buy more Bitcoin underscores its unwavering commitment to the digital currency. This strategy, led by Michael Saylor, has positioned the company as a major Bitcoin holder and highlights a broader trend of integrating cryptocurrencies into corporate treasury strategies.   Investing in Bitcoin and other cryptocurrencies involves substantial risks due to their volatile nature. Investors should be aware of these risks and conduct thorough research before engaging in such investments. MicroStrategy’s significant investment in Bitcoin showcases its confidence in the cryptocurrency’s future but also highlights the potential risks associated with such a strategy.  

BTC$108,360.70+0.27%

The latest Federal Open Market Committee (FOMC) meeting has sparked significant interest among cryptocurrency investors, particularly for Bitcoin (BTC) holders. The U.S. Federal Reserve's decisions on interest rates and economic projections can substantially influence Bitcoin's price. Here’s a look at the potential impact of recent macroeconomic events on Bitcoin and what investors should watch for in the coming months.    Quick Take  Benchmark rate held at 5.25%-5.50%: The Federal Reserve decided to maintain its benchmark fed funds rate range. This decision was widely anticipated by the market. Expectations of a single 25 basis point rate cut this year: The Fed's economic outlook now calls for just one rate cut in 2024, down from the previously expected three cuts. Slight improvement in inflation: The Fed noted modest progress toward its 2% inflation target, marking a change from earlier concerns about a lack of progress. May CPI data shows unexpected slowdown: The Consumer Price Index (CPI) for May indicated a slowdown in inflation, with core CPI rising just 0.2%, lower than expected. Bitcoin and other assets react: Bitcoin saw an initial rise following the CPI report but later lost momentum after the Fed's economic projections were released. Bitcoin Price Swings After CPI Data and Fed Decision BTC/USDT price chart | Source: KuCoin   Bitcoin initially reacted positively to the CPI report, which showed a lower-than-expected inflation increase. BTC surged to $69,400, up nearly 4% over the past 24 hours. However, the subsequent release of the Fed's economic projections tempered this enthusiasm. By 19:00 UTC, Bitcoin had settled back to $67,300, reflecting a cautious market stance.   Bitcoin's price often shows sensitivity to U.S. economic data and Federal Reserve meetings. Historically, BTC has experienced price pullbacks leading up to Fed decisions, only to resume its uptrend after the events. This pattern was evident in recent months when Bitcoin fell from its all-time high above $73,000 in March to below $57,000 in May due to hotter inflation figures and diminished hopes for rate cuts.   Spot Bitcoin ETFs Record Outflows of $200M U.S.-listed spot Bitcoin ETFs have also seen significant outflows ahead of key macroeconomic reports. For instance, on Tuesday, ETFs recorded $200 million in net outflows, reflecting a risk-off sentiment among traders. Grayscale’s GBTC accounted for the majority of these outflows, highlighting the cautious approach investors are taking in response to the Fed's announcements.   Long-Term Bullish Outlook Holds for Bitcoin  Despite the short-term headwinds, some analysts remain bullish on Bitcoin's long-term prospects. 10x Research maintains a positive outlook, expressing confidence that Bitcoin's rally will resume. Their analysis suggests that lower CPI figures tend to lift Bitcoin prices, and they anticipate this trend will continue as inflationary pressures ease.   "Our recommendation remains unchanged: to stick with the winners (Bitcoin) and avoid others (such as Ethereum). Our previous analysis has shown that a lower CPI number tends to lift Bitcoin prices, and we anticipate this trend will continue," Markus Thielen, founder of 10x Research.   Other Factors to Drive Volatility in Bitcoin’s Price  Fed's Dot Plot: The Fed's "dot plot," which shows FOMC members' interest rate projections, is crucial for understanding future rate expectations. Any indications of more rate cuts could positively impact Bitcoin and other risk assets. Global Central Bank Policies: Contrasting the U.S. outlook, several key central banks globally have started lowering benchmark rates. This divergence in monetary policy could influence the U.S. dollar index and, by extension, Bitcoin's price. U.S. Treasury Secretary's Speech: Janet Yellen's upcoming speech could also impact risk assets, including cryptocurrencies. Market participants will closely monitor her comments for any hints on economic policy changes. ETF Flows: The flow of funds into and out of Bitcoin ETFs will be a critical indicator of investor sentiment. A return to positive inflows could signal renewed confidence in Bitcoin's price trajectory. Conclusion The interplay between macroeconomic events and Bitcoin's price remains complex and dynamic. The latest FOMC meeting and CPI report have shown how sensitive Bitcoin is to U.S. economic data. While short-term volatility is expected, the long-term outlook for Bitcoin remains positive, especially as inflationary pressures ease and the potential for future rate cuts grows. Investors should stay informed about upcoming economic indicators and central bank policies to navigate the crypto market effectively.   Bitcoin's resilience and its response to macroeconomic events underline its growing importance as an asset class. As always, keeping a close eye on market developments and economic trends will be crucial for making informed investment decisions.  

Bitcoin (BTC) is under pressure as the market anticipates significant events that could impact its price. The U.S. Consumer Price Index (CPI) report and the Federal Reserve meeting are set to provide critical insights into inflation and monetary policy. Here's what to watch for and how these events could affect Bitcoin.   Quick Take Core Inflation: Expected slight decrease to 3.5% from 3.6%. This slight reduction is anticipated due to a more normalized month-over-month increase of 0.2%, down from the previous 0.3%.  Housing Rent: Anticipated decline in rent prices could influence the Federal Reserve's decisions. Lower rent growth, especially in Owners' Equivalent Rent, could contribute to a decrease in core inflation, making a stronger case for potential rate cuts by the Fed. CPI Report and Fed Meeting: The CPI report will be released hours before the Federal Reserve's meeting, setting the stage for market reactions. Analysts expect the CPI to show a 0.1% increase in May, maintaining an annual inflation rate of 3.4%. Bitcoin Price Behavior: Historical patterns show that Bitcoin often experiences price pullbacks before Fed meetings, only to resume its uptrend post-event. Recently, Bitcoin dropped over 5% to around $67,350, reflecting market caution ahead of these key economic indicators. Exchange Withdrawals: Significant BTC withdrawals from Coinbase, with the total BTC balance on Coinbase Pro decreasing by 14,420 BTC ($972 million) within 24 hours.  Core Inflation and Housing Rent Investment banks predict a slight decrease in core inflation, excluding food and energy, to 3.5% from 3.6% in April. A decline in housing rent, a major component of core CPI, is expected to ease inflation pressures. RBC economists suggest that a slower increase in core services ex-rent measure, closely watched by the Fed, could boost hopes for a rate cut.   ING economists also foresee a reduction in Owners' Equivalent Rent, which holds a 40% weight in the core CPI basket. Easing shelter price pressures could support Fed rate cut expectations, potentially weakening the dollar and boosting risk assets like Bitcoin.   CPI Report and Fed Meeting Wednesday will be pivotal as the Labor Department releases the CPI report just hours before the Federal Reserve's meeting. The CPI is expected to show a 0.1% increase in May, maintaining the annual inflation rate at 3.4%. The core CPI is forecasted to rise by 0.3%, matching April's pace.   The Fed is expected to keep the benchmark borrowing cost unchanged between 5.25% and 5.5% and publish the interest rate dot plot chart. The CPI data will influence the dot plot projections and Fed Chair Jerome Powell's post-meeting statement.   Potential Scenarios Lower-than-Expected Core CPI: If the core CPI comes in lower than expected, it could strengthen the case for a Fed rate cut, leading to a weaker dollar. A weaker dollar typically supports a rally in risk assets, including Bitcoin. Higher-than-Expected Core CPI: A core CPI above 0.4% month-over-month could bolster the dollar, putting additional pressure on Bitcoin. Such a scenario would dampen expectations for rate cuts, likely impacting Bitcoin negatively. Bitcoin's Historical Behavior Around Fed Decisions BTC/USDT price chart | Source: KuCoin    Bitcoin has historically experienced price pullbacks leading up to Fed meetings, only to resume its uptrend after the event. As BTC traded near $67,350 recently, it had lost over 5% since Friday. The dollar index also rose by 1% to 105.20 during this period.   According to data from Cointelegraph Markets Pro and TradingView, BTC's price action has steadied as markets brace for the CPI report and Fed meeting. However, Bitcoin's price fell to $66,000 the day before, leading to long liquidations totaling over $50 million.   Market Reactions and Expert Insights Traders have noted Bitcoin's weak price behavior ahead of these key events. Popular trader Follis pointed out that BTC has been trading in a range for three months, and some analysts predict further downside if market dynamics do not change.   Rekt Capital, a well-known trader and analyst, highlighted that Bitcoin was unable to break out early in the post-halving period, as historical trends suggested. Liquidity is building around $65,700 to the downside, with $67,700 forming a key resistance level.   Exchange Withdrawals and Market Sentiment On-chain data captured ongoing exchange withdrawals, particularly from Coinbase. The total BTC balance on Coinbase Pro decreased by 14,420 BTC ($972 million) in 24 hours, contributing to the lowest overall exchange balances in seven years. Glassnode reported a net transfer volume of 17,967 BTC ($1.21 billion) from exchanges on June 11.   U.S. Spot Bitcoin ETFs Witnessed net outflows of $200 million U.S. spot Bitcoin exchange-traded funds (ETFs) experienced net outflows of $200 million on Tuesday, following a record streak of net inflows. Grayscale's GBTC witnessed the largest net outflows, totaling $121 million, while BlackRock's IBIT recorded zero flows on the same day.   Markets are now anticipating key economic indicators from the U.S., with the Federal Open Market Committee (FOMC) meeting results and CPI data set to influence Bitcoin's price.   Conclusion The upcoming U.S. CPI report and Fed meeting are crucial events that could significantly impact Bitcoin. A lower-than-expected core CPI could strengthen the case for a Fed rate cut, potentially boosting Bitcoin. Conversely, a higher-than-expected core CPI could bolster the dollar and put pressure on Bitcoin.   As Bitcoin navigates these macroeconomic events, traders and investors should stay vigilant and monitor key levels and market dynamics. The ongoing exchange withdrawals and historical price patterns suggest a complex interplay between economic indicators and Bitcoin's price trajectory.  

Bitcoin starts a new week wrestling with its old 2021 all-time high of $69,000. This marks a crucial resistance level as the price action shows a battle between bulls and bears. Recent volatility in June has made trading interesting yet unpredictable. U.S. macroeconomic data has shown its power to flip Bitcoin’s trajectory swiftly.   Quick Take  Bitcoin is currently challenging its 2021 all-time high of $69,000, facing significant resistance at this level. U.S. macroeconomic data and Federal Reserve decisions are driving considerable volatility in Bitcoin's price. This week’s Consumer Price Index (CPI) release and Federal Reserve meeting are expected to significantly influence Bitcoin's market dynamics. Bitcoin ETFs have accumulated over 1 million BTC, highlighting strong interest from institutional investors. Bitcoin whales are actively re-accumulating BTC, indicating expectations of medium-term price increases. BTC Price Range Struggle BTC/USDT price chart | Source: KuCoin   The $69,000 mark has become a focal point in the market. Data from Cointelegraph Markets Pro and TradingView indicates that Bitcoin’s price has been stuck in this range, with liquidity thickening around this spot price. Monitoring resources like CoinGlass suggesta potential for more volatility.   Market Reactions and Predictions Popular trader Skew noted liquidity firming up around $70.5K to $71K and bid liquidity around $68K to $68.5K. Another trader, Daan Crypto Trades, pointed out the CME Group Bitcoin futures market’s closing price guiding Bitcoin’s price into the new week. He emphasized that the price action remains “as usual” around it.   Michaël van de Poppe, founder and CEO of MNTrading, described Bitcoin as “consolidating between the two crucial levels.” He stated that breaking out at $71.7K would be significant, but it’s wise to remain conservative during CPI week.   Key Macro Events This week, two major macro events will dominate the landscape: the Fed’s interest rate decision and the May Consumer Price Index (CPI) release. Both are set to happen on the same day, June 13. The Kobeissi Letter highlighted the importance of this Fed meeting, with all eyes on Fed guidance.   Last week’s U.S. employment data caused a stir, briefly sending BTC/USD down nearly 2%. Popular trader CrypNuevo outlined two potential scenarios for Bitcoin’s reaction to this week’s data. The market believes that the Fed will not cut rates this month, but future meetings could see changes.   Whale and ETF Activity Bitcoin whales are re-accumulating BTC for medium-term profits. Research from CryptoQuant’s Cauê Oliveira shows that large-volume BTC investors are loading up on coins. This pattern of accumulation and distribution directly impacts pricing.   Additionally, Bitcoin exchange-traded funds (ETFs) have shown significant activity. In the first week of June, U.S. Bitcoin ETFs bought 25,729 BTC, nearly eight times more than the 3,150 BTC mined in the same period. This inflow is the biggest since mid-March when Bitcoin hit its current all-time high of $73,679.   Michael Saylor, Chairman of MicroStrategy, highlighted that 34 Spot Bitcoin ETFs now hold over one million BTC. This milestone marks a huge achievement in the cryptocurrency market, indicating strong institutional and retail investor interest.   Weekly Close and Future Prospects The latest weekly close for BTC/USD was significant, being the second-highest ever recorded at $69,630. Despite a last-minute dip into the weekend, buyers managed to reverse some of the losses. Daan Crypto Trades suggested that a weekly close above $69,000 would be a good start to leaving this price range behind.   Rekt Capital, a popular trader and analyst, pointed out that Bitcoin has turned a major resistance area into new support on monthly timeframes. This resistance zone between $58,600 and $61,300, which defeated bulls in 2021, now acts in their favor.   Conclusion Bitcoin continues to face a significant resistance level at $69,000, creating a tug-of-war between bulls and bears. This week’s macro events, particularly the Fed’s interest rate decision and the CPI release, will play a crucial role in determining Bitcoin’s short-term future. Meanwhile, the strong institutional interest in Bitcoin, evidenced by significant ETF inflows and whale activity, provides a bullish outlook for the medium term.

Bitcoin ETFs are experiencing significant inflows, with $880 million recorded on June 4 alone. This marks one of the highest single-day inflows since the launch of spot Bitcoin ETFs in January 2024. Following this, another $488.1 million flowed in on June 5, underscoring strong investor interest.   Quick Take  Bitcoin ETFs saw record inflows of $880 million on June 4 and an additional $488.1 million on June 5. Despite these inflows, Google searches for Bitcoin ETFs remain low, indicating potential future growth. Fidelity's Wise Origin Bitcoin Fund and BlackRock’s iShares Bitcoin Trust are at the forefront of these inflows. Bitcoin's price has surpassed $70K, but retail engagement is lower than in previous bull runs. Crypto analysts highlight the disparity between inflows and search trends, suggesting untapped potential. Bitcoin ETFs See Record Inflows Leading the charge was Fidelity’s Wise Origin Bitcoin Fund, which attracted $220.6 million on June 4. Meanwhile, BlackRock’s iShares Bitcoin Trust saw a substantial inflow of $350 million on June 6, highlighting its competitive edge in the market.   Low Search Interest: A Surprising Trend Google search comparison: Bitcoin vs. BTC vs. Bitcoin ETF | Source: Google Trends    Despite the substantial inflows, Google search data reveals a strikingly low level of interest in Bitcoin ETFs compared to previous market peaks. Terms like “Bitcoin” and “btc” scored 41 and 17 out of 100, respectively, while “bitcoin etf” scored less than 1 globally. This suggests that while institutional investors are actively participating, retail investors are not as engaged.   Crypto analyst Miles Deutscher noted a significant drop in YouTube views for crypto-related content. In 2021, Bitcoin at $70K garnered 4 million views per day. In 2024, the same price point is attracting only 800K views daily. This indicates that retail investors have yet to fully re-engage with the market.   Market Sentiment and Future Potential BTC/USDT price chart | Source: KuCoin    The positive sentiment surrounding Bitcoin ETFs is not fully reflected in retail engagement. However, this could be a bullish indicator for future growth as retail investors might enter the market later, potentially driving prices higher.   Bitcoin’s price has remained above $71,000, showing resilience and steady growth. However, the price has faced resistance around $72,000. Analysts suggest that the continued inflows into Bitcoin ETFs could provide the necessary support for breaking this resistance level.   Analyst Insights Crypto analysts believe the current market dynamics are complex. Despite significant inflows and strong institutional interest, retail engagement remains subdued. This discrepancy could lead to future market rallies as more retail investors become aware of and participate in Bitcoin ETFs.   Additionally, Bitcoin whales have been accumulating large amounts of BTC, contributing to the overall bullish sentiment. Over the past month, whales have amassed over 70,000 BTC, indicating strong confidence in Bitcoin’s future price performance.   Conclusion Bitcoin ETFs are witnessing unprecedented inflows, driven by institutional investors. However, retail investor engagement remains low, as evidenced by Google search trends and YouTube viewership data. This presents a potential opportunity for future growth as retail investors re-enter the market.   The current inflows and market dynamics suggest that Bitcoin ETFs are poised for continued success. As more investors, both institutional and retail, recognize the potential of these investment vehicles, Bitcoin's price could see further gains.  

Key Highlights $69,000 Resistance: Key level for BTC this week. US Unemployment Data: Crucial economic indicators coming up. Breakout Potential: BTC set for a historic move. Mining Activity: Miners adjusting to new conditions. Kraken Withdrawal: Significant BTC outflow from Kraken. Bitcoin heads into June strong, with key resistance levels back in focus. Analysts are increasingly confident that BTC is gearing up for a historic breakout. According to news on Coin Telegraph, here's what you need to know this week. $69,000 Forms the Week’s Key Level BTC/USDT 5D price chart | Source: KuCoin Bitcoin saw some volatility over the weekend, but BTC/USD is back above $69,000. Traders see this level as crucial. Popular trader Skew notes that the market needs to sustain above $69,000 for continued upward momentum. Unemployment Data Precedes FOMC Week The week kicks off quietly in terms of macroeconomic data. However, U.S. jobless claims on June 6 and further unemployment numbers the day after could spark volatility. These figures are closely watched, as they influence the Federal Reserve's policy decisions. The next Federal Open Market Committee (FOMC) meeting will provide more clarity on interest rates. BTC Price Preps Breakout from ‘Longest Consolidation Yet’ Bitcoin is aligning with the U.S. M1 money supply, hinting at a significant breakout. Popular analyst TechDev highlights that Bitcoin has historically seen major surges after such alignments. This breakout follows the longest consolidation period in Bitcoin's history, suggesting a uniquely volatile move ahead. Mining Activity and Network Fundamentals Bitcoin’s network fundamentals are recovering after a dip in May. The difficulty level is set to increase by 1.7% on June 6, following a previous 1.5% rise. Despite these improvements, Bitcoin miners are facing tough conditions, selling off BTC post-halving. Miner balances have decreased by 2,500 BTC in the last 30 days. Kraken Sees Giant 48,000 BTC Withdrawal Kraken experienced nearly 50,000 BTC ($3.44 billion) withdrawals on May 30 and 31. This marks one of the largest daily withdrawals from Kraken. Market observers see this as a potential supply shock, suggesting a bullish outlook for BTC. Bitcoin is showing strong potential for a historic breakout. Key resistance levels, upcoming economic data, and significant network activity all point to an exciting week ahead. Keep an eye on these developments as the week progresses.   

Robert Kiyosaki, the famous author of "Rich Dad Poor Dad," made headlines with his bold prediction about Bitcoin price. As per a news report on Benzinga, he believes Bitcoin will reach $350,000 by August 2024.   Quick Take  Robert Kiyosaki, renowned author of "Rich Dad Poor Dad," predicts that Bitcoin will hit $350,000 by August 2024. This projection has captured the attention of the crypto community and investors worldwide. Kiyosaki continues to invest heavily in cryptocurrencies, including Bitcoin, Ethereum, and Solana. He believes these assets will see significant value increases. Despite Bitcoin’s bullish trends, experts consider Kiyosaki's prediction unrealistic. Bitcoin has grown by 70% year-to-date, but reaching $350,000 would require a nearly 5X increase from its current price. BTC/USDT price chart | Source: KuCoin TradingView    Kiyosaki's Bold Projection On Wednesday, Kiyosaki took to social media platform X to share his staggering prediction. He stated, "It's a prediction. It's speculation, it's an opinion, but it's not a lie." He expressed confidence that Bitcoin will hit $350,000 sometime in 2024, calling it a target, dream, and wish.   Kiyosaki's Continued Crypto Investment Kiyosaki mentioned he is buying more Bitcoin, Ethereum, and Solana. He believes these cryptocurrencies will continue to soar in value. He also criticized President Joe Biden, Treasury Secretary Yellen, and Fed Chair Powell, dubbing them the "3 Stooges."   "What I am confident of is the incompetence of our leaders, President Biden, Treasury Secretary Yellin, and Fed Chair Powell. Protect your self from the 3- Stooges."   Market Reactions Kiyosaki has a history of making bold predictions. Earlier this year, he predicted Bitcoin would hit $100,000 by June 2024. With Bitcoin's price trajectory, this seems unlikely now. His latest prediction of $350,000 by August 2024 suggests a nearly 5X jump from its current price.   Experts view this forecast as unrealistic. Despite bullish catalysts like spot Bitcoin ETFs, Bitcoin has grown just 70% year-to-date. However, steady growth is expected due to demand from permanent holders and whales, according to Julio Moreno, Head of Research at CryptoQuant.   Kiyosaki's predictions continue to stir the crypto community. While his bold forecasts attract attention, market experts remain cautious. Keep an eye on Bitcoin's performance as these predictions unfold.  

Key Highlights  Bitcoin recently reached a crucial price level of $70,000. After a previous correction to $56,500, BTC rebounded to $69,100. Chamath Palihapitiya forecasts Bitcoin could reach $500,000 by October 2025. Significant price increases typically occur within 6-18 months post-Halving. Bitcoin could become a primary store of value and transactional utility. Adoption as a dual-currency asset may drive demand for BTC. According to a news report on News BTC, Bitcoin (BTC) recently hit the crucial $70,000 level after several sessions of range-bound trading. This has been a significant hurdle for its price consolidation. Despite reaching a new all-time high (ATH) of $73,700 in March, BTC saw a 20% correction to around $56,500 in early May. However, this correction triggered renewed bullish momentum, with BTC now trading at approximately $69,100.   Chamath Palihapitiya, a venture capitalist and market expert, remains optimistic about Bitcoin's future. In a recent episode of the All In Podcast, Palihapitiya discussed BTC’s historical patterns concerning the Halving event, which occurs every four years and reduces the block reward for miners.   Palihapitiya noted that after a halving, investors usually spend the first three months reassessing the price and market situation. Historically, significant price appreciation occurs within six to 18 months.   Bitcoin Price and Halving Analysis BTC’s price prediction for the next 18 months after The Halving. Source. All In Podcast, Chamath Palihapatiya   The first Bitcoin halving on November 28, 2012, reduced the block reward from 50 BTC to 25 BTC. Bitcoin was priced at $13 then and peaked at $1,152 within a year. The second halving on July 16, 2016, reduced the block reward to 12.5 BTC. Bitcoin’s price at that time was $664, and it peaked at $17,760 within a year. The third halving on May 11, 2020, reduced the block reward to 6.25 BTC. Bitcoin was priced at $9,734, and within a year, it reached an ATH of $69,000.   Palihapitiya suggests that if Bitcoin follows its past performance, it could skyrocket to around $500,000 by October 2025.   He believes Bitcoin could replace gold and serve as a transactional utility for hard assets. This potential, combined with concerns about fiat currency debasement, presents intriguing opportunities for Bitcoin.   Increased Demand for BTC? Palihapitiya argues that as more countries adopt a dual-currency approach, recognizing Bitcoin alongside their local currency, the demand for BTC will increase. This shift will occur as people see the need for Bitcoin in daily transactions and as a store of value for permanent assets.   Overall, Palihapitiya’s analysis of Bitcoin’s historical patterns following the halving events provides an optimistic outlook. The potential for Bitcoin to reach $500,000 by October 2025 and its growing recognition as a dual-currency asset alongside fiat currencies offers renewed prospects for investors and the broader cryptocurrency market.