Bitcoin halving date is less than 8 months away, and the crypto markets are heating up. Many crypto enthusiasts who had taken a break from the industry due to an intense bear market are buckling up for another ride. While many analysts think that the BTC price has already bottomed out for this cycle, some still think there is more downside.
After failing to break above the $31,500 level in multiple attempts, BTC bulls seem to be exhausted. The price of the pioneering digital asset dipped below $25,000 in August 2023 as the bears gained momentum. This move has put $20,000 before the next BTC halving on the cards.
When Is The Next Bitcoin Halving?
Halving is an event when the amount of BTC mined with every block gets reduced to half. There have been 3 Bitcoin halvings since the network went live in 2009. The last halving occurred in May 2020, which was followed by a miraculous bull run.
The next Bitcoin halving date is estimated to be in April 2024. Veteran crypto analysts expect another 2021-like bull run once the major supply shock kicks in. However, there are a few fundamental reasons that might make the upcoming bull run different than the ones that occurred before.
Bitcoin Halving Date To Coincide With Spot BTC ETF
In one of the biggest acts of the institutional acceptance of digital assets, multiple asset managers filed for spot Bitcoin ETFs this year. The Securities and Exchange Commission (SEC) of the US is delaying the approval by extending deadlines. However, the final deadline for most applications perfectly coincides with the Bitcoin halving in April 2024.
Among the ETF filers is the biggest asset manager in the world, BlackRock, which has more than $8 trillion AUM. Approval of a spot Bitcoin ETF just before the halving would open doors for billions of dollars in fresh capital from traditional financial institutions. Many smart crypto investors have already started to accumulate Bitcoin, anticipating a spot ETF approval in the coming months.
In the meantime, you are also welcome to follow me on Twitter, where I’ll keep sharing my personal crypto trades in the upcoming bull run.
