Irish Analyst Unveils the True Key to Bitcoin’s Incredible 6,000% Surge

"BlackRock and 12 Other Companies Await Approval to Launch ETFs, Bitcoin Price Surges Amid Optimism While Pessimistic Reports Trigger Decline"

Thirteen companies, including BlackRock (NYSE:BLK), the world’s largest asset management firm, are expected to offer ETFs pending approval. Bitcoin’s price has experienced significant growth throughout 2023, largely driven by optimism surrounding the potential approval of a spot ETF. It is currently trading at approximately $43,622.

However, Bitcoin’s price has consistently declined in response to pessimistic reports regarding the approval of a Bitcoin spot ETF. The most recent instance occurred on January 3rd, when rumors of a Bitcoin spot ETF rejection caused the market to panic and resulted in an approximately 8% drop in the price of Bitcoin.

As the crypto market eagerly awaits the decision of the SEC in the upcoming week, two possibilities are presented: either the SEC will approve or deny the Bitcoin ETF. Regardless of the outcome, another bullish catalyst is expected to occur this year – the Bitcoin halving. Historically, this event has served as a catalyst for significant price surges.

Ali, a renowned analyst, supports this claim by sharing a graph that illustrates BTC’s price performance 365 days after past halving events. The first halving event, which reduced BTC mining rewards to 25 BTC, resulted in a price increase of over 6,000%, as indicated by Ali’s chart. Subsequent halving events in 2016 and 2020 saw an average yearly return profile of over 400% for Bitcoin. However, it is important to note that past performance does not guarantee future results.

Currently, Bitcoin miners receive 6.25 Bitcoins for successfully mining a block. This reward will be halved to 3.125 Bitcoins during the next Bitcoin halving.

Please note that this article was originally published on U.Today.

Martin Reid

Martin Reid

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