Bitcoin Eyes $67K After Halving as Altcoins Primed for Short Squeeze, Hedge Fund Says
Summary
Bitcoin neared $67,000 as fears of a deeper correction eased after its halving event. Ether held steady near $3,200. 163 out of 173 cryptos in the CoinDesk Market Index posted positive daily returns. Crypto-focused stocks like Coinbase and MicroStrategy rallied. Miners like Riot Platforms and Hut 8 surged 15%-20%. Analysts warned of potential market weakness due to miners offloading BTC inventory worth $5 billion. However, historical data suggests a potential exponential move higher for bitcoin's price in the next 50-100 days. Funding rates for leveraged derivatives traders cooled off, making some smaller cryptocurrencies ripe for a swift move higher.
