According to Crypto analyst Ali, Bitcoin (BTC) is poised for a rally, with a potential increase of 6,000% following the upcoming 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).

Spotlight on Bitcoin Halving

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 halvings in 2016 and 2020 saw an average annual return exceeding 400%.

The ETF Decision: A Secondary Catalyst

Meanwhile, the crypto market is on edge awaiting the SEC’s decision on the Bitcoin spot ETF. This decision holds significant weight, as approval 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. 

For instance, a recent rumor 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.

Impact of Halving on Bitcoin

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 poised 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: Spot Bitcoin ETF: 7 Key Reasons Why RIAs Will Join the Bandwagon

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Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.