Bitcoin (BTC) started 2024 on a positive note, gaining 3.18% in the first week of the year, according to data from CoinMarketCap. The leading cryptocurrency is expected to usher in a bull crypto season, with many investors expecting immediate approval of Bitcoin spot ETF proposals by various asset managers.
However, regardless of the decision of the US Securities and Exchange Commission (SEC) in the coming days, crypto analyst Ali Martinez believes Bitcoin is still poised for huge gains in 2024 as there is still a bullish factor at play.
Bullish 2024 for Bitcoin with or without ETF Approval – Analyst
In a X message on January 6, Martinez expressed a lot of optimism about Bitcoin’s potential price performance in 2024. He stated that regardless of developments in the Bitcoin spot ETF saga, BTC is still poised for major price increases due to another bullish story – namely the Bitcoin Halving.
To clarify, the Bitcoin Halving is an event where block rewards for miners are reduced by 50%. It happens every four years, with the first event in 2012. The halving event causes a reduction in BTC supply compared to demand, creating scarcity that leads to a price increase.
Whatever happens to the #Bitcoin ETF, remember we have another bullish story this year: The $BTC Halving!
Historically, it has been a catalyst for large price increases. Just look at the percentage increases #BTC price after previous halvings.
pic.twitter.com/FF1F99l34c
— Ali (@ali_charts) January 5, 2024
Martinez highlighted this fact by stating that historically there has been a significant increase in the price of Bitcoin after previous halvings. When the first halving took place on November 28, 2012, BTC was trading around $12. The following year, the token had reached a new price of $1,000.
A similar phenomenon was noticed after the second halving on July 9, 2016, where Bitcoin was valued at $670. However, by December 2017, BTC had risen to an all-time high of $19,700. The third halving took place in May 2020, with Bitcoin trading at $8,821. By November 2021, BTC had surged 700% to reach the current all-time high of $68,783.
Based on this price history, Martinez believes that BTC investors are well placed to make big gains in the coming months as Bitcoin’s next halving is scheduled for April 2024. He argues that these cyclical gains should remain constant regardless of the SEC’s approval for Bitcoin spot ETF or not.
BTC price overview
At the time of writing, Bitcoin is trading at $43,665, experiencing a slight decline of -0.30% in the last 24 hours. On a larger scale, the leading cryptocurrency has shown resilience over the past seven days, with a notable gain of 4.07%.
Over the past year, BTC’s performance has been remarkable, with a significant increase of 159.94%. However, amid market fluctuations, there has been a noticeable drop in daily trading volume, down 22.25%, which is currently valued at $26.8 billion.
BTC trading at $43, 691.10 on the hourly chart | Source: BTCUSDT chart on Tradingview.com
Featured image of Mint, chart from Tradingview
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