2024

Bitcoin

Impact

April

According to Crypto analyst Ali, Bitcoin (BTC) is poised for a rally, with a potential increase of 6,000% following the <a href="https://coingape.com/bitcoin-halving-btc-price-countdown-2024/" rel="noopener noreferrer nofollow">upcoming</a> Bitcoin halving. This anticipated event, historically a major price catalyst, overshadows the current buzz around the U.S. Securities and Exchange Commission’s (SEC) decision on the Bitcoin spot exchange-traded fund (ETF).
<h2 id="spotlight-on-bitcoin-halving">Spotlight on Bitcoin Halving</h2>
As the crypto community fixates on the SEC’s imminent ruling, Ali shifts the focus to the Bitcoin halving. This event, expected on April 23, 2024, traditionally triggers substantial price surges. For instance, after the first halving, Bitcoin’s value soared by over 6,000%. Moreover, subsequent <a href="https://coingape.com/bitcoin-halving-warrants-attention-notes-rich-dad-poor-dad-author/" rel="noopener noreferrer nofollow">halvings</a> in 2016 and 2020 saw an average annual return exceeding 400%.
<img decoding="async" class="aligncenter wp-image-172659" src="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-06T205039.286.png" alt="" width="652" height="357" srcset="https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-06T205039.286.png 1059w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-06T205039.286-300x164.png 300w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-06T205039.286-768x421.png 768w, https://coingape.com/wp-content/uploads/2024/01/Screenshot-2024-01-06T205039.286-150x82.png 150w" sizes="(max-width: 652px) 100vw, 652px">
<h2 id="the-etf-decision-a-secondary-catalyst">The ETF Decision: A Secondary Catalyst</h2>
Meanwhile, the crypto market is on edge awaiting the SEC’s decision on the Bitcoin spot ETF. This decision holds significant weight, as <a href="https://coingape.com/bitcoin-etf-approval-in-final-stage-before-secs-19b-4-submissions-report/" rel="noopener noreferrer nofollow">approval</a> could streamline Bitcoin’s integration into traditional investment portfolios. Currently trading at around $43,989, Bitcoin has demonstrated sensitivity to news about the ETF, with its price fluctuating in response to rumors and reports.&nbsp;
For instance, a recent <a href="https://coingape.com/bitcoin-etf-crypto-community-fires-back-as-better-markets-opposes-approval/" rel="noopener noreferrer nofollow">rumor</a> about the ETF’s potential rejection led to an 8% drop in Bitcoin’s value. However, regardless of the SEC’s decision, the upcoming halving remains the primary focus for long-term growth prospects.
<h2 id="impact-of-halving-on-bitcoin">Impact of Halving on Bitcoin</h2>
The mechanism of halving reduces the reward for mining new blocks by half, effectively slowing down the creation of new Bitcoins. This scarcity factor has historically led to price increases. With the next halving <a href="https://coingape.com/blog/will-bitcoin-price-go-up-after-halving/" rel="noopener noreferrer nofollow">poised</a> to occur at block height 840,000, the crypto community is keenly observing the market’s reaction. Glassnode, a blockchain analytics firm, anticipates the halving to take place around April 23, 2024, though the exact timing is subject to the variable nature of block mining.
Read Also: <a href="https://coingape.com/spot-bitcoin-etf-7-key-reasons-why-rias-will-join-the-bandwagon/?utm_source=cgtelegram" rel="noopener noreferrer nofollow">Spot Bitcoin ETF: 7 Key Reasons Why RIAs Will Join the Bandwagon</a>
The post <a href="https://coingape.com/bitcoin-set-for-6000-surge-amid-2024-halving-analyst-predicts/" rel="noopener noreferrer nofollow">Bitcoin Set for 6,000% Surge Amid 2024 Halving, Analyst Predicts</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Bitcoin Set for 6,000% Surge Amid 2024 Halving, Analyst Predicts

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