bitcoin is up over 110% in 2023 at the time of writing, where the asset’s price started the year at $16,677 on January 1, it has now risen to over $35,000 just 10 months later. With more room to run this year as excitement builds in the market around the possible approval of a bitcoin spot ETF by the SEC and the upcoming halving event, many are now wondering if this It is the end of the choppy bear market of this cycle.
Since the few disastrous incidents that occurred in the bear market and caused prices to crash, things now look more optimistic. As some of the world’s largest asset managers have filed, including Fidelity, VanEck, and WisdomTree, hoping to be the first in the United States to gain approval for a spot bitcoin ETF. However, one name in particular is grabbing more headlines than the rest: BlackRock, the world’s largest asset manager, which manages around $10 trillion.
BlackRock CEO Larry Fink recently appeared on Fox Business stating that his clients around the world are interested in gaining exposure to bitcoin and stated that the recent price rally has been a “flight to quality.” Earlier this month, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised its odds of approval of a spot bitcoin ETF by the SEC to 90% by January 10, 2024.
The next bitcoin you have is expected which will take place in approximately 180 days at the end of April 2024. At the event, the bitcoin block reward will drop from 6.25 btc per block to just 3.125 btc. This will be the fourth halving in bitcoin history, the first in November 2012, the second in July 2016, and the third in May 2020. Historically, a year before and after the halving, the btc price rises. substantially.
