Experts consider halving events key to Bitcoin’s price trend. Every halving slashes the associated reward for miners by half and the scarcity of mined $BTC is considered a driver of the asset’s price rally.
It is typically believed that halving events drive price rallies in Bitcoin and this has emerged as a trend over the past three halving events.
Based on the above chart from Blockchain Center, the upcoming Bitcoin halving in 2024 is expected to drive #BTC price to a new all-time high, between the $60,000 and $100,000 range. Nicehash.com’s countdown timer reveals that Bitcoin is 338 days away from its halving event and the tentative date is May 25, 2024.
The third catalyst is the launch of cryptocurrency exchange platforms by giants from traditional finance.
Giants Charles Schwab, Fidelity and Citadel Securities join hands to launch crypto exchange
EDX Markets, a crypto exchange platform backed by financial giants from the traditional finance industry has listed cryptocurrencies available for trade on its exchange. The giants’ plan was to roll out the non-custodial exchange in September 2022, however the regulatory uncertainty and tumultuous events like FTX exchange collapse resulted in a long wait.
Within days following BlackRock’s spot Bitcoin ETF filing, the exchange platform’s announcement shows that long-term institutional interest in cryptocurrencies has sustained in the US.
EDX has listed Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) among cryptocurrencies that can be traded on the platform. It's important to note that none of these assets have been labeled as securities by the SEC.
