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The imminent approval of Bitcoin ETFs coupled with the approaching Bitcoin Halving occasion has left the crypto market buzzing. As the ETF frenzy reaches new heights, Milkybull Crypto, a well-liked crypto analyst on X, expects these occasions to propel the Bitcoin (BTC) worth to $80,000 in 2024 and $200,000 by 2025. In addition, he believes that these developments might be helpful for Ethereum (ETH) and different altcoins.

Impact of Bitcoin ETF Approval and Halving on BTC Price

According to a publish by Milkybull Crypto on X, the outlook for Bitcoin is powerful with a forecasted surge to $80,000 inside the present 12 months. The convergence of Bitcoin ETF approval and the Halving occasion creates a synergistic impact that would propel BTC’s worth.

In addition, the Bitcoin worth goal of $200,000 set by the analyst for 2025 appears profitable. Beyond Bitcoin, the altcoins market stands to achieve considerably. With the expectation of a Spot Ethereum ETF, a surge in liquidity is anticipated for different altcoins as nicely.

Examining the historic context of Bitcoin Halving occasions, a sample emerges that reinforces the analyst’s optimistic projections. In the interval between the 2012 and 2016 Halving occasions, Bitcoin skilled a whopping 5187% surge in worth.

Also Read: Spot Bitcoin ETF: Odds of SEC Disapproval Falls to 5%

Similarly, the 4 years after the 2016 Halving noticed an almost 3000% improve in BTC’s worth. Aligning with this historic pattern, the latest Halving occasion in 2020 preceded Bitcoin reaching its all-time excessive of almost $69,000.

The subsequent Bitcoin Halving occasion is slated for April 23, 2024. It will scale back block rewards to three.125 items of BTC from 6.25 items. Bitcoin Halving 2024 is anticipated to set the stage for a considerable influx of funds into the crypto market, aiding a worth rally for BTC and different cryptocurrencies.

Bitcoin worth as we speak

Ahead of the anticipated Bitcoin ETF approval, the BTC price slumped by over 4% earlier than rebounding considerably. The Bitcoin worth was down by 0.30% because the crypto traded at $43,902.42 at press time on Monday, January 8, 2024. Moreover, the biggest digital forex’s market cap dipped to $860 billion.

However, 24-hour commerce quantity spiked by 52.01% to $24.01 billion. The improve in demand might be fuelled by the current hype for the Spot Bitcoin ETF approval date approaching. Despite the current dips, Bitcoin’s 1-month returns stand at 3% owing to the appreciable features recorded in December 2023.

Also Read: SEC Veteran Labels Spot Bitcoin ETF Applicants “Opportunistic Cartels”

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