The anticipation for the approval of the United States’ first spot Bitcoin ETF continues to be a hot topic among traders and investors, with the Bitcoin halving event, which is now 100 days away, being another significant development for Bitcoin (BTC) this year. The halving, which occurs every four years, reduces the block reward for miners by 50%, and the next one is expected around April 19, 2024.
Historically, Bitcoin’s price has tended to rise steadily in the months following a halving, often reaching new all-time highs (ATH). Past halvings in 2012, 2016, and 2020 have consistently led to price increases, with the most recent halving preceding Bitcoin’s peak at $69,000 around 18 months later.
Currently, Bitcoin’s price hovers around $44,000, indicating that a 30% jump is required to reach its ATH. High expectations for the approval of the US’s first spot Bitcoin ETF could facilitate such a leap, with further gains anticipated post-halving.
Analysts predict significant price movements for BTC in the current cycle, pointing to a substantial rise by 2025. This timeline coincides with the influx of institutional money expected from the spot Bitcoin ETF by the same year.
Standard Chartered analysts have made a bold prediction in their latest report, suggesting that Bitcoin’s price could reach $100,000 by the end of 2024, further fueling the optimistic outlook for the cryptocurrency’s future value.