Bitcoin Accumulating Within a Narrow Range; This Could be the Beginning of the Next Bull Run
Bitcoin continues to trade within a very narrow range, displaying the possibility of accumulating strength to trigger a massive bullish wave. The price has encountered a drastic downfall in the past few months after a bullish attempt. Despite the traders having become a little pessimistic over the BTC price, the upcoming events may change their perspective to a large extent.
Blackrock, the world’s largest asset management company, recently sent shock waves across the crypto markets by filing for a Bitcoin Spot ETF. The market recovered from the bearish trap for a while, but the hopes for approval have kept the bullish momentum going. While speculation of whether the ETF will get approved or not is hovering within the markets, here are the top 6 reasons why Blackrock’s spot ETF will get approved.
- The approval rate for BlackRock is nearly 99.8% and only one ETF has been rejected with such a high rate
- The government seems to trust the company, as back in 2008, during the financial crisis, the asset manager was asked to draw up a plan to deal with the crisis
- The CEO of BlackRock has shifted his sentiment from calling Bitcoin to digital gold, which is a good alternative to diversifying the investment
- BlackRock already has launched a private Bitcoin ETF for institutional investors
- Bitcoin spot ETFs exist already in Europe and Canada
- Apart from Blackrock, many other asset management companies like Vanguard, Fidelity, etc. have also applied for a Spot ETF this cycle.
Bitcoin Price Prediction: What Can We Expect in 2024?
Bitcoin is all set to undergo a major network upgrade in 2024, ‘the halving’. After the halving, the rewards will be reduced, which in turn will reduce the issuance of new tokens, maintaining the scarcity of the network. This is believed to have a positive impact on the BTC price, as it has always happened during the previous halvings. Therefore, one of the popular analysts believes the price may continue to range between $24,000 and $50,000 until halving.
Here, the analyst compares the current price movement of Bitcoin with that of the previous halving. The price has manifested a similar action until now, and if it continues to do so, it may trigger a massive upswing after the halving. The upper target can be set at around $75,000, with the Bitcoin price prediction for 2024 ranging between $58,000 and $62,000.