The Countdown to Bitcoin Halving
In just 100 days, Bitcoin Halving will occur, a significant event that happens every 4 years in the blockchain. This event marks the splitting of block rewards and is expected to take place around April 19, 2024. It is worth noting that after previous Halving events, the price of BTC tends to increase steadily, eventually reaching new all-time highs.
For instance, after the last Halving in May 2020, it took around 18 months for the price of BTC to reach an all-time high of $69,000. Currently priced at around $44,000, Bitcoin would need a jump of approximately 30% to reach a new all-time high. The potential approval of a spot Bitcoin ETF could contribute to this possibility.
Predicting a New All-Time High in 2025
Based on historical patterns, it is likely that BTC will experience a bullish run in 2025 following the Halving. This timeline also aligns with the potential influx of institutional money through the Bitcoin ETF market. Therefore, Standard Chartered’s prediction of a $100K BTC price by the end of 2024 may not be unrealistic.
Hot Take: What Does This Mean for Crypto Investors?
The upcoming Bitcoin Halving presents an opportunity for crypto investors as it historically leads to an upward trend in BTC price. If history repeats itself, we can expect Bitcoin to reach new heights in the coming years. Additionally, the potential approval of a spot Bitcoin ETF could further boost its value. As such, it may be wise for investors to consider these factors when making their investment decisions.
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