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 bull run 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.
That feelings may have to wait for a while unless if the Bitcoin ETF happens sooner than expected, then we can have a bll market before the bitcoin halven, but anything outside that, it won't fly at all so we shouldn't expect too much from the market before march-april which is already around the corner.
Many of the time, we have expected Bitcoin all time high pre to halven, which have happen before but on an accidental basis, because since the first record of ATH before halven, it haven occurs again and all other previous all-time highs have been after halves
Just going back to this thread, the ETF has been approved, and we have seen like $600 million flowing on the first day and it shook the market, pushing as high as $49,000. But now the market is calm already from all the ETF hype, we've seen minor dips to $40,000k'ish but it went back in the last 24 hours to $42,000.
What I'm saying is that just because of the approval of ETF, we should expect something big to happen right away. That is not the case, the real catalyst for the market is the block halving that is going to happen in April and not this ETF approvals. It could be a factor though, but the effect is not going to be felt right away by the ecosystem and maybe there are still some entities taking advantage of that big push and sell.