Want to Know Why 2024 Will Be the Year of BTC? Read Here!


 "Some say now it's a bull run, some say after the halving later, which one do you think?"

The approval of spot Bitcoin (BTC) ETFs by the Securities and Exchange Commission (SEC) last week and the BTC halving event scheduled for April 2024 are expected to see significant changes in supply as well as demand.

On the demand side, the SEC's approval of spot BTC ETFs could allow a large number of new investors to seek exposure to BTC prices directly in their traditional investment accounts.

As for the supply, BTC scarcity increases every four years, where BTC halving is the process when the reward for mining the digital asset is cut in half which reduces the rate of production of new BTC by about 50%.

There is no denying that the exact timing of the event is predictable, but the crypto market takes time to find a new price equilibrium following the previous BTC halving, there has been a significant increase in months and years.

The last BTC halving happened on May 11, 2020, so here it can be seen that the block reward dropped from 12.5 BTC to 6.25 BTC then the price grew 52% and the fastest increase happened in the first 9 to 12 months after the event.

Applying the stock-to-flow model that tries to measure the value of an asset with a limited supply, it was found that BTC could be traded at $62,000 in April 2024 which represents a 34% increase compared to the current price on January 10, 2024.

The landscape of digital assets especially BTC is set for significant change this year following the approval of the spot BTC ETF by the SEC and the halving event set to reshape supply and demand for the digital asset.