Bitcoin Halving Sparks Parabolic Rally and Supply Crunch

Bitcoin is expected to enter a parabolic rally in the coming weeks as it enters the pre-and post-halving phase of its market cycle, according to prominent crypto analyst TradingShot. The analysis suggests that Bitcoin could reach the $50,000 level soon and potentially test the all-time high of $69,000. The historical cycles indicate that each successive cycle may not surpass the previous one by a significant margin, with a realistic projection of slightly over $120,000. However, the future trajectory of Bitcoin's value depends on factors such as adoption, ETF approval, and market dynamics. The recent volatility in Bitcoin's price was triggered by news surrounding ETF approval, although the SEC has delayed decisions on approvals for spot Bitcoin ETF applications. Bitcoin is currently in a consolidation phase, with a focus on reclaiming the $37,000 spot.