While the possibility of a US government shutdown looms, there are early indications of a bullish sentiment in the price of Bitcoin (BTC). The deadline for funding federal agencies by Saturday midnight seems likely to be missed by the US Congress.
The potential effects of a shutdown could have a ripple effect on the US banking industry, similar to the regional banking crisis in March 2023. During that time, the BTC price showed a negative correlation with the fall in banking stocks.
However, regardless of these macroeconomic events, the Bitcoin halving event has historically been a rewarding period for the cryptocurrency. In the months leading up to the halving, BTC has typically experienced a downward trend followed by a sharp upward curve after the event.
As a result, crypto trader Rekt Capital believes that there may be an opportunity in the next five months for traders to position themselves around the $20,000 mark, which could be the last chance to do so.
In the short term, Bitcoin experienced a significant spike of 1.5% on Friday, leading to speculation that fears of a shutdown could trigger a bull run in the coming weeks.
