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Home»EXCHANGE NEWS»Bitcoin ETF approval could push BTC price above $100,000 by 2024
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Bitcoin ETF approval could push BTC price above $100,000 by 2024

By Crypto FlexsJanuary 14, 20243 Mins Read
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Bitcoin ETF approval could push BTC price above 0,000 by 2024
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Following the approval of the Bitcoin ETF, the Bitcoin halving in April 2024 will be a major catalyst to push BTC price above $100,000 by the end of the year.

Following the U.S. Securities and Exchange Commission’s landmark approval of America’s first spot Bitcoin exchange-traded fund (ETF), cryptocurrency enthusiasts are optimistic about the possibility of BTC price surging past $100,000 this year. Investors in the cryptocurrency industry believe the approval of the Bitcoin ETF is a pivotal step in diversifying the range of investors exposed to major cryptocurrencies.

Despite the SEC’s approval of 11 Bitcoin ETFs, Bitcoin price has seen limited movement since the announcement. The regulatory green light allowed for rule changes to facilitate the creation of such ETFs, and emphasized that the approval does not signal a willingness to approve listing standards for crypto-asset securities.

Following the SEC’s decision, the price of Bitcoin fell slightly by 0.4%, reaching $46,118 per coin on Friday. It briefly crossed $49,000, a level not seen since December 2021, but the immediate market reaction was subdued.

However, cryptocurrency proponents expect Bitcoin to rise significantly over time due to the impact of ETFs and other developments in the cryptocurrency industry. Investors and analysts expect ETF approvals to gradually emerge in the broader market as a catalyst to propel Bitcoin to new heights in 2024.

Bitcoin halving will be the catalyst for $100,000.

Bitcoin is approaching its fourth halving this year, a major event driven by monetary policy aimed at increasing scarcity. The halving process involves halving Bitcoin’s supply growth rate approximately every four years, or after 210,000 blocks are added to the blockchain.

The Bitcoin supply growth rate, which once exceeded 10%, has now fallen to around 1.75%. It will be lowered further to 0.85% in April this year. This gradual halving will continue until the entire 21 million coin supply has been mined, which is expected to occur around 2140, with approximately 19.6 million coins currently in circulation.

Despite the complexity of the code that applies the half-life mechanism, the concept is simple. A decrease in the rate of supply growth puts additional pressure on prices even when demand remains constant. Historically, Bitcoin has seen an average increase of 128% during halving years. If this trend repeats, the price of Bitcoin could potentially surpass $100,000, as measured by its current value of around $46,000.

Some Bitcoin supporters, such as PlanB, expect the BTC price to rebound to $500,000 or more in the next bull market after the BTC halving.

Anthony Scaramucci, founder of SkyBridge Capital, has revealed his increased investment in Bitcoin, predicting that the price of the cryptocurrency will rise to $100,000 within the next year. Drawing parallels between the approval of a Bitcoin ETF and the approval of the first physical gold ETF in 2004, Scaramucci acknowledged that while the approval of a gold ETF took time to produce a significant price increase, it ultimately led to a significant increase in the value of gold.

“We see it as digital gold. If you look at gold’s market capitalization of $13 trillion, there’s no reason Bitcoin couldn’t account for 50% or 60% of that market capitalization. So this means prices will increase tenfold over the next 10 years,” he said.

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