A crypto analyst believes that the Spot Bitcoin ETF approval and Halving will propel the BTC price to $80,000 in 2024. PromotedAd $PIKA – Fastest-growing GameFi token. Join the Presale Now! Pikamoon ($PIKA) – Join the Presale Now! By Coingape Staff 50 mins ago Updated 30 mins ago
The imminent approval of Bitcoin ETFs coupled with the approaching Bitcoin Halving event has left the crypto market buzzing. As the ETF frenzy reaches new heights, Milkybull Crypto, a popular crypto analyst on X, expects these events to propel the Bitcoin (BTC) price to $80,000 in 2024 and $200,000 by 2025. In addition, he believes that these developments could be beneficial for Ethereum (ETH) and other altcoins.
Impact of Bitcoin ETF Approval and Halving on BTC Price
According to a post by Milkybull Crypto on X, the outlook for Bitcoin is robust with a forecasted surge to $80,000 within the current year. The convergence of Bitcoin ETF approval and the Halving event creates a synergistic effect that could propel BTC’s value.
In addition, the Bitcoin price target of $200,000 set by the analyst for 2025 seems lucrative. Beyond Bitcoin, the altcoins market stands to gain significantly. With the expectation of a Spot Ethereum ETF, a surge in liquidity is anticipated for other altcoins as well.
Examining the historical context of Bitcoin Halving events, a pattern emerges that reinforces the analyst’s optimistic projections. In the period between the 2012 and 2016 Halving events, Bitcoin experienced a whopping 5187% surge in price.
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Similarly, the four years after the 2016 Halving saw a nearly 3000% increase in BTC’s value. Aligning with this historical trend, the most recent Halving event in 2020 preceded Bitcoin reaching its all-time high of nearly $69,000.
The next Bitcoin Halving event is slated for April 23, 2024. It will reduce block rewards to 3.125 units of BTC from 6.25 units. Bitcoin Halving 2024 is expected to set the stage for a substantial inflow of funds into the crypto market, aiding a price rally for BTC and other cryptocurrencies.
Bitcoin price today
Ahead of the anticipated Bitcoin ETF approval, the BTC price slumped by over 4% before rebounding significantly. The Bitcoin price was down by 0.30% as the crypto traded at $43,902.42 at press time on Monday, January 8, 2024. Moreover, the largest digital currency’s market cap dipped to $860 billion.
However, 24-hour trade volume spiked by 52.01% to $24.01 billion. The increase in demand could be fuelled by the recent hype for the Spot Bitcoin ETF approval date approaching. Despite the recent dips, Bitcoin’s 1-month returns stand at 3% owing to the considerable gains recorded in December 2023.
