In the last quarter of 2023, BTC enjoyed significant gains and analysts projected 2024 as another bull year due to ranging factors of which Bitcoin halving and approval of the Bitcoin spot ETF are most significant.
Blackrock announcement about the approval of the spot ETF over the weekend could be the catalyst that have triggered the market in the first day of year 2024 with BTC and global marketcap up by 6% respectively and currently trading above the $45k mark.
While many are anticipating bullrun to kickstart after the Bitcoin halving, I have a feeling there could be a twist to this year's bullrun as it may not completely depend on the factors listed above. It's also important to note that the US interest rate is on a decline which is a good thing that could drive investors to opt for crypto. What do you think, let's discuss.
The way the market moves and reacted from the first day of the new year gave me a lot more enthusiasm about bitcoin and I have strengthened my confidence in the currency more than before. The market just keeps moving like many experts have predicted and it doesn’t look like something that will go against that path anytime soon.
I heard of a speculation in the past that if spot Bitcoin ETF gets approved, we could witness a bull run two times. One before the halving if Bitcoin ETF gets approved and the other one will come after the halving as it normally does after every halving cycle. I’m very much optimistic about this speculation and if the spot Bitcoin ETF gets approved, that should be expected to trigger the market a lot before the halving event takes place.