Bitcoin Price Prediction: Here’s How High AI Thinks BTC Will Go After the 2024 Halving
Key learning points
- The Bitcoin (BTC) halving event will take place in April 2024 and several major financial institutions have recently filed for a Bitcoin ETF
- The BTC price prediction algorithm has predicted a gain of +192% for the coming year, which would put BTC above $100,000 for the first time in history
- BitGo CEO Mike Belshe Explains Why the SEC May Not Approve Spot Bitcoin ETFs This Time
No matter how bullish it gets for BTC? The price prediction algorithm targets $100,000 in the next twelve months
Bitcoin (BTC) has reached $37,326 at the time of writing, after rising +25% in the last 30 days. Overall, BTC is up +126% YTD as the largest cryptocurrency by market cap continues to exhibit bullish price action during an uptrend that has lasted nearly an entire year.
Table of Contents
Investors are still waiting for a final decision on a batch of Bitcoin ETF applications filed in June. Blackrock, Ark Invest and Fidelity were among the financial institutions that filed their plans with the Securities and Exchange Commission (SEC) this summer, and Bloomberg analysts believe there is a 90% chance that applications will be approved by January 2024.
Bitcoin ETFs have injected real optimism into the crypto markets since they first hit the news. BTC is up over +50% since June, and with Bitcoin’s next halving on the horizon, price action remains positive. The BTC price prediction algorithm expect a +69% gain from the current price before the halving, in addition to a +192% increase this time next year.
In total, the AI price model has predicted that BTC will rise to $109,364 by October next year.
SEC must make a final decision on Bitcoin ETFs in January. What could this mean for crypto?
BitGo’s CEO explains why the SEC could reject Bitcoin ETF applications
Some of the world’s largest asset managers were among the institutions that filed Bitcoin ETF filing with the SEC. On November 9, it was reported that the SEC had an eight-day window in which it could officially approve all twelve ETF applications, but November 17 came and went and there has still been no final decision.
While the general consensus on the outcome remains positive, BitGo CEO Mike Belshe stated that the SEC could take issue with one key detail that underlies most of the ETF applications in question. BlackRock named Coinbase as its BTC custodian in its filing, while Valkyrie and Fidelity named Coinbase as its surveillance sharing partner.
Belshe stated that since Coinbase is officially an exchange and not a custodian, institutions may need to separate their providers to fully comply with financial regulations. As reported by Coindesk, Belshe believes that the SEC could reject Bitcoin ETFs for this reason.
If Bloomberg analysts are right in thinking there is a 90% chance of approval, what could this mean for crypto?
Bitcoin ETFs have long been an area of interest for crypto investors. Although the SEC has never officially approved a Bitcoin ETF application in the United States, there have been several instances of Bitcoin ETFs being offered around the world. However, it is thought that Bitcoin ETFs in the US could generate significant buying pressure from both global institutions and wealthy individuals.
The SEC has rejected all Bitcoin ETF applications filed in the past, including those from some financial institutions that filed in June. If the current batch is accepted, it would mark a change in tone from the SEC after the conclusion of the three-year lawsuit with Ripple Labs. On balance, this series of events could usher in a new era of regulatory clarity for crypto investors in the US.
What is Bitcoin’s halving and why is it relevant to BTC’s price action?
The Bitcoin halving is a deflationary event that was recorded in the Bitcoin code base when Satoshi Nakamoto wrote the whitepaper in 2009. The halving occurs every 210,000 blocks and reduces the BTC reward miners earn for securing infrastructure and processing new transactions.
210,000 blocks corresponds to approximately 4 years. Cutting the mining reward in half will permanently limit the new supply coming to the market. As a result, existing supply is becoming increasingly scarce as there is only a limited amount of new BTC that can dilute its value. This deflationary effect has led to buying pressure and new all-time highs for BTC within 18 months of each previous halving.
The 840,000th Bitcoin block – which will mark the fourth halving in history – is will take place in April 2024. Combined with new optimism about regulatory clarity in the United States, this is a key reason why Bitcoin’s price action has remained positive in 2023.
Image via Bitcoin block half
Bottom line: Investors are looking for SEC approvals, the algorithm predicts a new ATH for BTC after the halving
Recent Bitcoin ETF developments have dominated headlines, but Bitcoin’s halving provides an equally bullish catalyst. Not only has BTC reached new all-time highs in the months following each previous event, but the halving has also historically led to a market-wide bull run that has caused altcoins to skyrocket. With the US appearing to be increasingly interested in cryptocurrency as an asset class, many investors are now primed for upside potential.
The BTC price prediction algorithm expects the price action to reflect the positive recent developments. The AI expects new all-time highs by October 2024 as BTC is expected to cross $100,000 for the first time ever. In total, this would be a price increase of +192% from current levels.
With the bullish BTC price forecast potentially heralding a new crypto bull market, check out the AI’s latest price predictions for some key altcoins:
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This content is mainly composed on: 2023-11-20 20:45:40. Learn more more information here: amp.coincodex.com.
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