As of this morning, January 8, a critical period for the ETF has begun, and attention is turning to the potential news release. The approval of a spot Bitcoin ETF by the United States Securities and Exchange Commission (SEC) is anticipated, and the expected date for the Bitcoin halving is also drawing nearer. Looking at the history of the halving event, it is observed that after its occurrence, there has been a significant contribution to the price of Bitcoin BTC compared to the price before the event.
Will BTC Price Rise?
When examining the BTC price situations following past Bitcoin halvings, it is seen that between the first and second halving from 2012-2016, the BTC price increased by 5187%.
Subsequently, in the four-year period following the 2016 halving, the price of the cryptocurrency saw an increase of about 3000%.
Similarly, one year after the halving event in 2020, the leading cryptocurrency reached an all-time high of $69,000.
Therefore, these situations reveal that the halvings so far have provided a fund influx into the crypto market, while also serving as a significant driving force for price rallies for Bitcoin and altcoins.
The purpose of the Bitcoin halving event, which occurs every four years, can be defined as reducing miner rewards by half to increase the number of new Bitcoins generated and to make this process more difficult.
After the 2020 halving, miner rewards were reduced from 1,250 units to 625 units. The upcoming event will result in miner rewards being reduced to 3.125 units.
The Future of Bitcoin Price
Meanwhile, as all this is happening, analysts continue to make predictions ahead of the spot Bitcoin ETF decision.
CrediBULL Crypto made a statement on the X platform. According to his prediction, if the Bitcoin price surpasses the $45,500 level before the last day granted for the decision, January 10, 2024, an upward price movement could accelerate.
The analyst continued his statement and also clarified the negative scenario. He indicated that another drop to around $38,000 to $40,000 could occur if the situation turns out otherwise.
Meanwhile, according to the latest reports, it is thought that the Bitcoin ETF could be opened for trading as soon as the next business day following a possible approval.
While all this is happening, Bitcoin price has entered the new week in a completely neutral manner. At the time of writing, the price was at $43,946 according to the data available and appeared to have experienced almost no rise or fall.
