Bitcoin price has shown a strong performance, surpassing the $38,000 limit several times in the past 24 hours despite value losses. It is believed that the upcoming block reward halving event in 2024 could be an important catalyst that could drive prices upwards. Crypto analyst Trader Tardigrade demonstrated with a historical analysis that Bitcoin has shown exceptional increases during periods approaching block reward halvings.
Taking into account the impact of the block reward halving, crypto analyst Trader Tardigrade expressed that Bitcoin could rise to $50,000 in anticipation of this event. According to the analyst, the momentum of the rise will increase after the halving and the price could reach $250,000 or more.
Another crypto analyst, Crypto Tony, stated that Bitcoin is currently in a “slow rising” trend and as long as this upward trend is not disrupted, the target of $39,000 – $40,000 could be reached in a few days.
At the time of writing, Bitcoin is trading at $37,690. According to the current data, Bitcoin price has decreased by 0.31% in the past 24 hours, increased by 1.61% on the weekly chart, and showed a 9.32% increase in the past 30 days.
Analysts who take into account the upcoming block reward halving state that many indicators point to an open path for Bitcoin. Additionally, the expectation that the U.S. Securities and Exchange Commission (SEC) will most likely approve the country’s first spot Bitcoin exchange-traded fund (ETF) by February 2024 indicates a promising path for the largest cryptocurrency.