Bitcoin Braces for ETF Ruling and 2024 Halving Event With Optimism for Further Price Surges
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SEC decision on Bitcoin ETF approval/denial anticipated in coming week. Optimism has boosted BTC price, while previous denials caused price drops.
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Regardless of ETF decision, analyst highlights upcoming Bitcoin halving in 2024 as another potential catalyst for major BTC price surge.
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Past halvings (when mining rewards are cut in half) have preceded huge Bitcoin price increases - over 6,000% after first halving and 400% averages after 2016 and 2020 halvings.
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Next Bitcoin halving predicted for April 23, 2024, when mining rewards will be reduced from 6.25 BTC to 3.125 BTC per block.
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Historical data shows Bitcoin price tends to skyrocket for months after halving events, although past performance does not guarantee future results.