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The excitement surrounding the anticipated approval of the United States’ first spot Bitcoin ETF continues to be a major agenda item for traders and investors. The second major development for Bitcoin (BTC) this year is the halving, or block reward halving, and there are now only 100 days left until this significant event. Currently, many market participants are waiting for the block reward halving, another of the year’s most important developments, just like the spot ETF approval.
The 100-Day Countdown for Bitcoin’s Block Reward Halving Begins
The block reward halving on the Bitcoin network, which occurs every four years, reduces the block reward that miners receive per block in BTC by 50 percent. This time, the block reward halving is expected to occur in the second quarter of the year, around April 19, 2024. Historically, in the months following Bitcoin’s block reward halving, BTC’s price has tended to move steadily upward, reaching new all-time highs (ATH).
After the first block reward halving on November 28, 2012, the second on July 9, 2016, and the third on May 11, 2020, the rise scenario has consistently repeated, and Bitcoin’s price has steadily increased.
Particularly about 18 months after the last block reward halving, Bitcoin’s price reached an all-time high of 69 thousand dollars. The current price of around 44 thousand dollars shows that the largest cryptocurrency needs an approximate 30 percent jump to reach its all-time high. With the high likelihood of the approval of the US’s first spot Bitcoin ETF, such a jump is possible, and even higher levels are anticipated with the block reward halving.
Will Bitcoin See an All-Time High in 2025?
According to models of price history before and after the block reward halving, the current cycle indicates a significant rise in BTC’s price by 2025. Interestingly, this timeline is also supported by the significant amount of institutional money expected to flow in due to the spot Bitcoin ETF by 2025.
At this point, it’s worth noting that analysts from one of the US’s major investment banks, Standard Chartered, have published a recent report predicting that Bitcoin’s price will reach 100 thousand dollars by the end of 2024.
