Bitcoin halving event in April will result into a major supply shock for the cryptocurrency triggering strong BTC price rally to $75,000.
Finally, we are into the most-awaited month of April 2024 with the Bitcoin halving event just 20 days from here onwards. As the countdown for the halving event ticks, the Bitcoin (BTC) price has been also showing some strength recently. As of press time, Bitcoin is trading at $69,500 levels with a market cap of $1.366 trillion.

Strong Breakout Leading to Bitcoin Halving

According to crypto analyst Rekt Capital, Bitcoin has initiated the breakout process, marking the first step with a weekly close above the range high. The analyst suggests that for Bitcoin to solidify this breakout, it may need to dip into the range high to effectively retest it as new support before resuming its upward trajectory, thereby completing the second step to confirm the breakout fully. Thus, the Bitcoin price can resume its journey all the way to $75,000 as we approach closer to halving.

Courtesy: Rekt Capital
Interestingly, Bitcoin has also given its first-ever monthly closing above its previous all-time high of $69,000 which is yet another bullish indicator.
Morgan Creek Capital Management CEO and chief investment officer Mark Yusko stated that a major BTC price rally is likely after the halving event this month. Yusko also expects the BTC price to reach $150,000 by the end of this year. Speaking to CNBC he said:

“The big move happens post-halving. It starts to become more … parabolic toward the end of the year. And, historically about nine months after the halving, so sometime toward Thanksgiving, Christmas, we see the peak in price before the next bear market.”

BTC Price Action Ahead This Week

Leading up to the Bitcoin halving event, it’s crucial to consider the Federal Reserve’s interest rate trajectory and the flow of BTC-spot ETF data. With the US BTC-spot ETF market closed on Friday (March 29), investors must wait until April 1 to react to the Personal Income and Outlays Report and comments from Fed Chair Powell.
Furthermore, ahead of this week, the United States is set to unveil non-farm payroll data and the unemployment rate for March.
If the BTC-spot ETF market experiences a decline in net inflows or records total net outflows during the session, Bitcoin could become more responsive to US economic indicators this week. Additionally, the sentiment toward the BTC-spot ETF market relies on continued decreases in net outflows for Grayscale Bitcoin Trust (GBTC).
GBTC observed total net outflows of $967.1 million in the week ending March 28, marking a decrease from the $2,001.3 million of net outflows recorded in the previous week.

Telegram Embraces Toncoin for Ad Purchases, TON Price Rallies

Telegram announces the use of Toncoin for Ad Purchases. With a generous reward system for channel owners and a strategic plan for decentralization, Toncoin's Price performance remains robust.
Telegram, a leading messaging platform, has recently made known the introduction of TON-based ads. This groundbreaking feature allows users to purchase advertisements using Toncoins, a cryptocurrency powered by the TON Blockchain. Leveraging the TON Blockchain offers numerous advantages, including low transaction fees and high-speed transactions, making it an attractive option for advertisers seeking cost-effective and efficient advertising solutions.
One of the key highlights of this new advertising model is the level of control it affords users. With TON-based ads, advertisers have complete autonomy over where their advertisements appear and how much they spend. This level of granularity enables advertisers to target specific channels that align with their target audience, ensuring maximum reach and effectiveness for their advertising campaigns.

Reward System for Telegram Channel Owners

In addition to the introduction of TON-based ads, Telegram has also unveiled a generous reward system for channel owners. Under this new system, channel owners stand to receive a significant portion of the revenue generated from ads displayed in their channels a whopping 50%, to be exact.
This move comes as welcome news for channel owners, especially considering the staggering viewership numbers on Telegram channels. With over 1 trillion views in channels every month, channel owners have the potential to earn substantial revenue through this new reward system. The introduction of withdrawals for channel owners on Fragment further enhances the appeal of this initiative, providing channel owners with an additional revenue stream that they can leverage to further grow and monetize their channels.
Also Read: Polygon Labs CEO Attacks Layer 3 Networks, Saying They Devalue Ethereum

Telegram’s Strategy for Decentralization and TON’s Market Performance

Amidst concerns about the concentration of Toncoin (TON) supply within Telegram’s ecosystem, CEO and Founder Pavel Durov has unveiled a strategic plan aimed at maintaining decentralization and stability. Telegram’s proactive strategy involves limiting its share of Toncoin to approximately 10% of the total supply, thereby ensuring a more equitable distribution of the cryptocurrency.
Meanwhile, Toncoin continues to demonstrate resilience and strength in the market. With a current price of $5.24 USD and a 24-hour trading volume of $198.8 million, Toncoin boasts a market cap of $18 billion. Despite fluctuations in the market, Toncoin has rallied by 1.80% in the last 24 hours, signaling positive investor sentiment and confidence in the cryptocurrency’s future prospects.
Also Read: Crypto Prices Today April 1: Bitcoin At $70K, Ethereum Above $3600, PEPE & JUP Rally