With Bitcoin Spot ETF Approvals, Halving and Incoming Upgrades, What Should You Expect from BTC in 2024?

After yet another banner year in 2023 with over 150% gains, all eyes are on Bitcoin (BTC) to see if the flagship cryptocurrency can sustain its epic run in 2024. Key factors stacking up in Bitcoin’s favor for the coming year have analysts extremely bullish on its prospects. From the possibility of the first Bitcoin spot ETF to the scheduled mining reward halving, 2024 could be shaping up to be BTC’s biggest year yet.


Arguably the most impactful potential development is the increased likelihood of a Bitcoin spot ETF receiving approval from the SEC. This would allow direct investment in the coin without needing to own the asset, opening the floodgates for large institutional capital. Numerous asset managers like BlackRock and VanEck have spot ETF applications filed, with the thinking being that 2024 is finally the year it happens after various rejections.


Industry researchers estimate over $240 billion could flow into Bitcoin in just the first year post-approval. The massive influx of new institutional money combined with reduced selling pressure from miners could catalyze a price surge that will propel the crypto’s price firmly into six-figure territory. However, fears linger around the potential for increased volatility as more traditional players interact with Bitcoin’s free market dynamics.


Making matters even more interesting is Bitcoin’s upcoming block reward halving, slated for April 2024. This programmed event cuts in half the number of bitcoins awarded to miners for processing transactions, reducing supply issuance. Bitcoin has gone through two previous halvings, which sparked its two greatest bull runs in 2017 and 2021.


Bitcoin Spot ETF Approval and Halving Event Could Skyrocket BTC Price in 2024


The timing aligns perfectly in 2024 for a spot ETF approval to have already attracted significant investment, and then the halving decreases Bitcoin’s supply right when demand shoots higher. This supply-demand imbalance tips greatly in favor of buyers, with history proving halvings tend to catalyze exponential price gains.


Influential leaders like MicroStrategy’s Michael Saylor have gone as far as claiming BTC could reach $1 million in the coming years. While that specific figure relies on mass global adoption, Bitcoin exceeding its former all-time high by multiple factors in 2024 does not seem unrealistic. Corporate treasury allocations, institutional asset diversification, and growing retail interest should combine to drive prices far beyond anything the crypto asset has seen previously.


Beyond just financial market dynamics, 2024 will also see key Bitcoin infrastructure upgrades that enable further maturation. Scheduled for fiscal years starting December 15, 2024, Bitcoin will be supported by fair value accounting standards. This change pushes accounting standards boards to treat crypto as an investable financial asset class, recognizing its growing status in finance.


With fiat currencies around the globe struggling with high inflation and recession fears, Bitcoin’s programmatic transparency presents it as an appealing safe haven asset. Many more individuals in inflation-ravaged countries, large institutions, or even governments seem likely to embrace the coin as both a store of value and a medium of exchange.

05 December, 2023

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