Bitcoin Faces Halving Event and Uncertain Price Outlook

The next bitcoin "halving" event happens in April, where the reward for mining new blocks will be cut in half to 3.125 bitcoins.

The purpose of the halving is to reduce the supply of new bitcoins over time to cap the total at 21 million.

Previous halvings have powered bitcoin's price higher by reducing supply - after the last one in 2020, bitcoin surged from under $9,000 to about $60,000.

Some analysts believe bitcoin could hit six figures after this next halving, but JPMorgan has warned the price could fall to $42,000 due to higher production costs.

More bitcoin ETFs are being approved, "institutionalizing" crypto, and there may be more regulatory clarity coming up.