The bitcoin ETF launch has been a disappointment but hope spring eternal in the crypto space and the halvening is keeping bulls in the game. Around the end of April, the number of bitcoin mined daily will halve and bulls expect that to cause a supply squeeze.
That leaves two months of FOMO buying before the inevitable sell-the-fact trade and right now the chart is looking good. An inverted head-and-shoulders pattern formed on the daily chart with a target near $50,000. Bitcoin had been consolidating for the past 10 days but broke out late yesterday and has continued higher. It’s up 3% today to $45,503 to the best levels since January 12.