Tomiwabold Olajide
The crypto market is eagerly awaiting the SEC's decision next week, but the real trigger lies within
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Crypto investors are eagerly awaiting a decision from the U.S. Securities and Exchange Commission (SEC) that is likely to approve trading in a spot Bitcoin exchange-traded fund, more than a decade after early attempts were rejected.
Pending approval, 13 companies are expected to offer ETFs, including BlackRock, the world's largest asset management firm.
Bitcoin's price rose significantly throughout most of 2023, fueled by optimism surrounding spot ETF approval, and is now trading at around $43,622.
On the contrary, the price of Bitcoin has consistently fallen in response to pessimistic reports about the approval of a Bitcoin spot ETF. The last time was on January 3rd, when rumors of Bitcoin spot ETF rejection spooked the markets and Bitcoin fell by around 8%.
As the crypto market eagerly awaits the SEC's decision next week, there are two possibilities: The SEC could decide whether to approve or reject.
Ali states that regardless of what happens with the Bitcoin ETF, there is another uptrend waiting for us this year, namely the Bitcoin halving. According to Ali, this bullish event has been a catalyst for large price increases in the past.
To support this claim, Ali published a chart showing the price movement of BTC 365 days after the past halvings.
During the first halving, where BTC mining rewards were slashed to 25 BTC, the price of Bitcoin increased by more than 6,000%, according to the chart published by Ali.
Meanwhile, Bitcoin recorded an average annual return profile of over 400% in subsequent halving events in 2016 and 2020. While the price of Bitcoin tends to skyrocket in the months following the halving, it is important to remember that past performance is not a prediction of future results.
Expected Bitcoin Halving Date
While the next BTC halving is expected for a block height of 840,000, the actual day and hour may change due to the natural fluctuation and probabilistic nature of mining blocks. Based on the current average block interval, Glassnode predicts a likely date of April 23, 2024.
Currently, Bitcoin miners receive 6.25 Bitcoins for each successfully mined block. This reward will be halved to 3,125 Bitcoin at the next Bitcoin halving.
About the author
Tomiwabold Olajide
Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducts comprehensive price analysis, and shares predictions on estimated market trends. Tomiwabold graduated from the University of Lagos.
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