- The excitement around the approval of the first spot Bitcoin ETF is reaching its peak, with recent false reports propelling BTC to $48,000.
- This could be a record year for Bitcoin with the April halving set to be another major event influencing the digital asset.
While the entire crypto community is fixated on the approval of the first spot Bitcoin ETF, many overlook the upcoming Bitcoin halving. Historically, this has been one of the most bullish events in the industry. In the months that followed this event, the digital asset set new all-time highs.
There have been multiple predictions on the final price tag of the world’s first cryptocurrency in 2024. Experts agree that the digital asset is highly likely to break its 2021 ATH of $69,000 but differ on the final price. This could be anywhere between $100,000 and $250,000. Experts further agree that there are two major drivers for the 2024 bull market; the approval of a spot Bitcoin ETF and the April halving.
But the community has largely been discussing only one of these things. This is partly because the U.S. Securities and Exchange Commission (SEC) was expected to approve the first ETF by January 10th. As far as the community is concerned, for about 20 minutes, it did.
Bitcoin ETF Approved?
Earlier today, the crypto community was elated after the official X account of the SEC announced that it had approved all spot Bitcoin ETF filings. Following this report, BTC shot up to $48,000 in the minutes that followed, a clear sign of the huge anticipation around this product.
About 20 minutes later, SEC chair Gary Gensler, responded, stating that their Twitter account had been compromised and an unauthorized tweet was posted. He confirmed via his X account, that the SEC has not approved any spot bitcoin exchange-traded products. In a panic, traders responded with the price dropping to find support at $45,000. At the time of press, BTC is exchanging for $45,400 after a 2% drop in the last 24 hours.
The Bitcoin community is now split between selling and buying. However, it is important to note that the approval of the ETF is certain with the only blockage being the SEC which has concerns about the details of the products.
Bitcoin Halving Paints Super Bullish Case
The community is further down the road looking forward to the April Bitcoin halving. An event that takes place every four years, it has historically been one of the most bullish events that is preceded by the digital asset hitting an all-time high as witnessed in the last three halvings.
In 2012, when the block reward was slashed from 50 BTC to 25 BTC, the price shot up from $13 to a peak of $1,152 the following year. In 2016, the price shot from $664 to a record, $17,760 the following year. This scenario repeated itself in 2020 after prices shot from $9,734 to the current ATH of $69,000. Judging by its history, the scenario is destined to repeat.
Furthermore, there was a significant price uptick leading up to the halving in all three scenarios.
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