- With the unexpected approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), the Bitcoin Halving date is approaching.
- Following the 2020 event, the reward was reduced from 1,250 units to 625 units. The upcoming event is planned to reduce the reward to 3,125 units.
- According to an analyst, if the Bitcoin price surpasses $45,500 before January 10, 2024, ahead of the approval of spot Bitcoin ETFs, it is ready to gain upward momentum.
After the approval of spot Bitcoin ETFs, another topic will be of interest: the Bitcoin Halving Event! How will BTC perform?
The Countdown Has Begun for Bitcoin Halving
With the unexpected approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC), the Bitcoin Halving date is approaching. When examining the dates when the Bitcoin price achieved significantly higher returns after this event compared to before the event, it is observed that during the period between the 2012 and 2016 events, the BTC price surprisingly increased by 5187%, and in the four-year period following the 2016 halving, the cryptocurrency’s price almost tripled.
Similarly, the leading cryptocurrency reached an all-time high of $69,000 one year after the 2020 halving event. This indicates that the event has become a significant driving force for fund inflows into the crypto market, thereby causing price rallies for Bitcoin and altcoins.
The Bitcoin Halving event, which occurs every four years, aims to reduce the maximum supply of BTC. Technically, the event signifies a halving of the block rewards given to miners. Following the 2020 event, the reward was reduced from 1,250 units to 625 units. The upcoming event is planned to reduce the reward to 3,125 units.
Will Bitcoin Overcome Another Drop?
According to analyst CrediBULL Crypto, if the Bitcoin price surpasses $45,500 before January 10, 2024, ahead of the approval of spot Bitcoin ETFs, it is ready to gain upward momentum. Otherwise, another drop could be observed in the range of $38,000 to $40,000, according to the analysis. Meanwhile, reports suggest that Bitcoin ETFs could be allowed to trade immediately after approval.
