The expectation of soon-to-be-approved spot Bitcoin ETFs and the approaching Bitcoin (BTC) block reward halving have been stirring the cryptocurrency market for some time. As ETF excitement reaches new peaks, a popular crypto analyst, Milkybull Crypto, expects all these developments to push Bitcoin’s price to $80,000 in 2024 and up to $200,000 by 2025. The analyst also emphasized that these developments could be beneficial for Ethereum (ETH) and other altcoins.
The Impact of Spot Bitcoin ETF Approval and Block Reward Halving on BTC’s Price
Experienced crypto analyst Milkybull Crypto showed confidence in his prediction that Bitcoin’s outlook will rise to $80,000 this year. According to the analyst, the approval of a spot Bitcoin ETF and the block reward halving could create an effect that increases the price of the largest cryptocurrency.
In addition, the analyst expects the target level of $200,000 for 2025 to bring significant gains, especially in the altcoin market. Milkybull Crypto also added that with the expectation of an approved spot Ethereum ETF, liquidity in altcoins is expected to increase, and the biggest beneficiaries will be the altcoin market.
The reactions of the price following past Bitcoin block reward halvings support the analyst’s optimistic predictions. It is known that Bitcoin’s price saw a significant increase of 5,187% between the block reward halvings of 2012 and 2016. Similarly, there was approximately a 3,000% increase in BTC’s price in the four years following the 2016 halving. In line with these historical trends, after the most recent block reward halving in 2020, Bitcoin’s price reached an all-time high of approximately $69,000.
The next Bitcoin block reward halving is expected to occur on April 23, 2024. With this event, the reward amount given per block mined on the Bitcoin network will decrease from 6.25 to 3.125 BTC. The Bitcoin block reward halving is expected to set the stage for a significant influx of funds into the cryptocurrency market in 2024, which could help a price rally for BTC and altcoins.
Current Status of Bitcoin’s Price
Before the SEC’s highly anticipated decision on the spot Bitcoin ETF, BTC’s price dropped by over 4% before a significant recovery. The largest cryptocurrency is trading just below $44,000, at $43,994, with a very limited increase of 0.04% at the time this article was prepared. Moreover, Bitcoin’s market value is currently at the level of $860 billion.
Additionally, Bitcoin’s trading volume in the last 24 hours has increased by 52.01%, rising to $24.01 billion. The recent increase in demand for Bitcoin stems from the excitement surrounding the approaching SEC decision on the spot Bitcoin ETF.
