While the hype surrounding the approval of spot Bitcoin ETFs captures the attention of traders and investors, another significant Bitcoin halving event is coming in 2024.
Also read: Bitcoin ETF: How likely is the US Securities and Exchange Commission to grant early approval?
Bitcoin halving in 100 days
The halving event, which occurs every four years on the blockchain, marks the division of block rewards. This time, the event is scheduled to take place in the second quarter of the year, expected around April 19, 2024. Historically, in the months following the Bitcoin halving, BTC price tends to take a steady upward curve, leading to the next all-time high Area. Read more to learn what a Bitcoin halving is.
The scenario repeated itself after the first halving date on November 28, 2012, the second halving date on July 9, 2016, and the third halving date on May 11, 2020. About 18 months after the last halving event, BTC price reached an all-time high of $69,000. At the current range of $44,000, the top cryptocurrency needs a jump of around 30% to reach a new all-time high, which is considered possible given the prospects of spot Bitcoin ETF approval.
BTC price new all-time high in 2025?
Judging by the pre- and post-halving price patterns, the current BTC price cycle could likely see an uptrend sometime in 2025. Interestingly, this timeline also supports the potential flow of significant institutional money through the Bitcoin ETF space well into 2025. Therefore, Standard Chartered's forecast price target of $100,000 for Bitcoin (BTC) by the end of 2024 does not seem too far-fetched.
Also read: Microsoft introduces AI Copilot Key for Windows keyboards
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