Bitcoin nearly 21,000 blocks away from fourth halving, BTC holders await approval of Spot ETF

●Bitcoin is now 20,780 blocks away from the fourth halving event. 

●Asset manager Ric Edelman says financial advisors are waiting for BTC Spot ETF approval to provide Bitcoin to clients. 

●BTC price is on track to hit its $40,000 target according to a crypto analyst.

Bitcoin is inching closer to the anticipated fourth halving event, scheduled for April 17, 2024, tentatively. BTC price is likely to rally to its $40,000 target; analysts consider this level a “magnet” for Bitcoin.

At the time of writing, Bitcoin price is at $38,141, on Binance. BTC yielded 2.27% gains in the past week.

Bitcoin closer to halving event, Spot ETF approval anticipation brews

Bitcoin’s halving events are considered key milestones in the asset’s cycle. Halving helps counteract inflation in Bitcoin and maintain the asset’s scarcity. The fourth halving event is scheduled for April 2024 and BTC is now 20,780 blocks away from it, according to data from buy bitcoin worldwide.

Bitcoin halving clock

Bitcoin Spot ETF approval anticipation is brewing among holders. Ric Edelman, founder of the Digital Assets Council of Financial Professionals (DACFP), believes that 77% of advisors are waiting for spot Bitcoin ETF approvals to provide crypto asset exposure for clients.

Edelman revealed that a recent survey indicated that 47% of financial advisors personally own Bitcoin, this gives credibility to their recommendation to clients, according to the asset manager. 

MicroStrategy, one of the largest BTC holding institutions added 16,130 Bitcoins to its holdings, at an average price of $36,785 per token. The business intelligence firm now holds 174,530 BTC, worth nearly $5.28 billion, with an average price of $30,252. More institutions are expected to line up to acquire BTC tokens, likely when a batch approval for Spot Bitcoin ETFs comes. 

Technical Analysis: $40,000 is a magnet for Bitcoin

Bitcoin price sustained above the $38,000 level, yielding 1% gains on the day. Pseudonymous crypto analyst, CryptoKaleo, evaluated the Bitcoin price trend and identified $40,000, as a magnet for Bitcoin price. The analyst predicts a BTC price rally to $40,000. 

BTC/USDT 1-hour chart, Source: TradingView.

Alex RTB, analyst behind the X handle @rutradebtc reaffirms Kaleo’s prediction and argued that BTC is likely to hit the $40,000 target this week. The analyst identified an ascending triangle setup in the Bitcoin price chart, a bullish continuation pattern. 

BTC/USDT 4-hour chart, Source: TradingView.