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The post <a rel="nofollow" href="https://coinpedia.org/news/bitcoin-price-surges-100-in-2023-here-are-the-major-catalysts/">Bitcoin Price Surges 100% in 2023, Here Are The Major Catalysts</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Bitcoin reaches its highest price since May 2020, driven by expectations of increased demand from exchange-traded funds. Analysts like <a href="https://twitter.com/thepowerfulHRV/status/1716487173111689641">Mark Harvey </a>predict five major catalysts for Bitcoin in 2024. 
Supply Halving 
2024 April will start with one of the most pivotal event horizons for Bitcoin: the next supply halving, where the block reward will cut new coin distribution in half, from 6.25 to 3.125 BTC, from 900 per day to only 450. This will result in miners who need to sell their coins to finance their operations facing more nominal selling pressure. This should enhance the supply-demand dynamics of Bitcoin and could lead to a boost in prices. 
Fair Value Accounting Rules! 
Big companies have a lot of money saved up, but they aren’t using it. Approximately half the companies in the S&amp;P 500 independently hold $2.6 trillion in cash. This is because the regulations for how they calculate their money don’t make it look right to have Bitcoin, which is a type of digital money, on their books. But now, experts are transforming these rules. This means that companies will be more likely to use Bitcoin, and it could become a big deal in the business world. 
Fed Interest Rate Hikes Pause 
Interest rates are currently at an extremely high level, and the Federal Reserve is likely done with interest rate hikes and may be forced to decrease them in 2024. And when this happens, it will become obvious to most people that the Fed isn’t truly in control, potentially leading to a loss of credibility in commercial banking. This breach of confidence with the public may naturally lead them to seek a sturdy alternative like Bitcoin. This reversal could lead to a loss of credibility for commercial banking and push people to seek a more stable alternative like Bitcoin. 
Approval of spot Bitcoin ETFs 
BlackRock, Fidelity, which recently submitted a Bitcoin ETF application, Franklin Templeton, and Invesco alone manage a total of $16 trillion in assets. The SEC’s approval of their Bitcoin ETFs appears imminent and will potentially open trillions of dollars to drive up the price of Bitcoin in 2024. 
Muted Bull Market 
Despite the trust and hopes of many Bitcoin enthusiasts, the cryptocurrency market can be unpredictable and often highly volatile, and it can drastically take unexpected turns. Even though some people were anticipating Bitcoin reaching over $300,000 by 2020 or 2021, it only reached $69,000 during the last bull cycle. This weaker bull market was caused by several various factors, such as the FTX collapse, China’s prohibition on Bitcoin, and interest rate hikes by the Federal Reserve. Because the previous bull market was relatively subdued, many people do not have high expectations for a 2024 bull run.&nbsp; 
To conclude that these five major factors are compelling and could positively impact Bitcoin and its price, it’s important to remember that even the most experienced market observers can’t accurately predict the future of crypto. Therefore, investors should always exercise caution and complete their research before investing in any asset, including Bitcoin.

Bitcoin Price Surges 100% in 2023, Here Are The Major Catalysts

CoinPedia News

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