bitcoin (btc) started 2024 on a positive note, gaining 3.18% in the first week of the year, according to bitcoin/” target=”_blank” rel=”nofollow”>data from CoinMarketCap. The leading cryptocurrency is expected to herald a cryptocurrency bull season, with many investors expecting immediate approval of bitcoin spot ETF proposals from several asset managers.
However, regardless of the US Securities and Exchange Commission's (SEC) decision in the coming days, crypto analyst Ali Martinez believes bitcoin is still poised for massive gains in 2024 as there is another bullish factor. in Game.
2024 bullish for bitcoin with or without ETF approval – Analyst
in a x publication On January 6, Martínez expressed a lot of optimism about the potential performance of the bitcoin price in 2024. He stated that regardless of the evolution of the bitcoin spot ETF saga, btc is still set to suffer significant price increases due to another bullish narrative, namely the bitcoin halving.
To explain, bitcoin Halving is an event where block rewards for miners are reduced by 50%. It happens every four years, with the first time in 2012. The halving event causes a reduction in btc supply compared to demand, causing shortages leading to a price increase.
Whatever happens to him bitcoin?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#bitcoin ETF, remember we have another bullish narrative this year: the $btc Reduce by half!
It has historically been a catalyst for significant price increases. Just take a look at the percentage increases in btc?src=hash&ref_src=twsrc%5Etfw” rel=”nofollow”>#btc price after the past halves. pic.twitter.com/FF1F99l34c
—Ali (@ali_charts) January 5, 2024
Martínez highlighted this fact by stating that, historically, there has been a significant increase in the price of bitcoin after previous halvings. When the first halving occurred on November 28, 2012, btc was trading at around $12. The following year, the token had reached a new price of $1,000.
A similar phenomenon was observed after the second halving on July 9, 2016, in which bitcoin was valued at $670. However, by December 2017, btc had reached an all-time high of $19,700. The third halving event took place in May 2020, with bitcoin trading at $8,821. As of November 2021, btc was up 700%, reaching its current all-time high of $68,783.
Based on this price history, Martinez believes btc investors are well-positioned for big gains in the coming months, as bitcoin's next halving is scheduled for April 2024. It posits that these cyclical gains should remain constant regardless of whether the SEC approves the bitcoin Spot ETF or not.
btc Price Overview
At the time of writing, bitcoin is trading at $43,665, experiencing a slight drop of -0.30% in the last 24 hours. On a larger scale, the leading cryptocurrency has shown resilience over the past seven days, recording a notable 4.07% gain.
Over the past year, btc's performance has been remarkable, witnessing a substantial rise of 159.94%. However, amid market fluctuations, there is a notable drop in daily trading volume of 22.25%, which is currently valued at $26.8 billion.
<img decoding="async" class="aligncenter size-large" src="https://technicalterrence.com/wp-content/uploads/2024/01/Analyst-doubles-bullish-year-for-Bitcoin" alt="bitcoin” width=”1479″ height=”893″ loading=”lazy”/>
btc trading at $43, 691.10 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured image from Mint, Tradingview chart
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