Bitcoin (BTC) has started 2024 on a high note, recording a 3.18% gain in the first week of the year, as per data from CoinMarketCap. The leading cryptocurrency is anticipated to usher in a bullish crypto season, with many investors awaiting the immediate approval of Bitcoin spot ETF proposals by various asset managers.
Despite the impending decision of the US Securities and Exchange Commission (SEC) in the next few days, crypto analyst Ali Martinez is confident that Bitcoin is set for significant gains in 2024 due to another bullish factor – the Bitcoin Halving.
In a post on January 6, Martinez expressed optimism about Bitcoin’s potential price performance in 2024. He stated that regardless of the outcome of the Bitcoin spot ETF saga, BTC is poised for major price surges due to the Bitcoin Halving, an event where the block rewards for miners are halved. This event, which occurs every four years, leads to a reduction in BTC supply compared to demand, causing scarcity and a subsequent price increase.
Martinez pointed out that historically, Bitcoin’s price has significantly increased following past halvings. For instance, when the first halving occurred on November 28, 2012, BTC was trading at around $12. In the following year, the token had reached a new price of $1,000. Similar trends were observed after the second and third halvings in 2016 and 2020, respectively.
Given this price history, Martinez believes that BTC investors are well positioned to reap large profits in the coming months as the next Bitcoin halving is scheduled for April 2024. He suggests that these cyclical gains should remain constant, regardless of the SEC’s approval for Bitcoin spot ETF.
At the time of writing, Bitcoin trades at $43,665, experiencing a slight decline of – 0.30% in the last 24 hours. However, on a larger scale, the leading cryptocurrency has shown resilience over the past seven days, posting a noteworthy gain of 4.07%.
Over the last year, BTC’s performance has been remarkable, witnessing a substantial surge of 159.94%. However, amidst market fluctuations, there is a noticeable dip in daily trading volume, down by 22.25%, which is currently valued at $26.8 billion.
Disclaimer: The article is provided for educational purposes only. It does not represent the opinions on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | 🇺🇸 |
| Sentiment | positive |
| Relevance Score | 1 |
| People | Ali Martinez |
| Companies | US Securities and Exchange Commission, CoinMarketCap |
| Currencies | Bitcoin |
| Securities | None |
