Bitcoin Set for 6,000% Surge Amid 2024 Halving, Analyst Predicts

Analyst predicts a 6,000% Bitcoin rally with upcoming halving, outshining SEC's ETF decision as the key driver for BTC's future growth.
Bitcoin Halving Countdown BTC Price

According to Crypto analyst Ali, Bitcoin (BTC) is poised for a rally, with a potential increase of 6,000% following the upcoming Bitcoin halving. This anticipated event, historically a major price catalyst, overshadows the current buzz around the U.S. Securities and Exchange Commission’s (SEC) decision on the Bitcoin spot exchange-traded fund (ETF).

Advertisement
Advertisement

Spotlight on Bitcoin Halving

As the crypto community fixates on the SEC’s imminent ruling, Ali shifts the focus to the Bitcoin halving. This event, expected on April 23, 2024, traditionally triggers substantial price surges. For instance, after the first halving, Bitcoin’s value soared by over 6,000%. Moreover, subsequent halvings in 2016 and 2020 saw an average annual return exceeding 400%.

Advertisement
Advertisement

The ETF Decision: A Secondary Catalyst

Meanwhile, the crypto market is on edge awaiting the SEC’s decision on the Bitcoin spot ETF. This decision holds significant weight, as approval could streamline Bitcoin’s integration into traditional investment portfolios. Currently trading at around $43,989, Bitcoin has demonstrated sensitivity to news about the ETF, with its price fluctuating in response to rumors and reports. 

For instance, a recent rumor about the ETF’s potential rejection led to an 8% drop in Bitcoin’s value. However, regardless of the SEC’s decision, the upcoming halving remains the primary focus for long-term growth prospects.

Advertisement
Advertisement

Impact of Halving on Bitcoin

The mechanism of halving reduces the reward for mining new blocks by half, effectively slowing down the creation of new Bitcoins. This scarcity factor has historically led to price increases. With the next halving poised to occur at block height 840,000, the crypto community is keenly observing the market’s reaction. Glassnode, a blockchain analytics firm, anticipates the halving to take place around April 23, 2024, though the exact timing is subject to the variable nature of block mining.

Read Also: Spot Bitcoin ETF: 7 Key Reasons Why RIAs Will Join the Bandwagon

Advertisement
Kelvin Munene Murithi
Kelvin Munene is a crypto and finance journalist with over 5 years of experience, offering in-depth market analysis and expert commentary . With a Bachelor's degree in Journalism and Actuarial Science from Mount Kenya University, Kelvin is known for his meticulous research and strong writing skills, particularly in cryptocurrency, blockchain, and financial markets. His work has been featured across top industry publications such as Coingape, Cryptobasic, MetaNews, Cryptotimes, Coinedition, TheCoinrepublic, Cryptotale, and Analytics Insight among others, where he consistently provides timely updates and insightful content. Kelvin’s focus lies in uncovering emerging trends in the crypto space, delivering factual and data-driven analyses that help readers make informed decisions. His expertise extends across market cycles, technological innovations, and regulatory shifts that shape the crypto landscape. Beyond his professional achievements, Kelvin has a passion for chess, traveling, and exploring new adventures.
Why trust CoinGape: CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights to our readers. Our journalists and analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.