🚀🚀🚀 #ETFs : Will #Bitcoin‬ hit a fresh all-time high in 2024?

Bitcoin's potential to surpass its previous all-time high (ATH) of nearly $70,000 is fueled by the emergence of exchange-traded funds (ETFs) & the upcoming halving event scheduled for April 2024.

- BTC's Recent Performance:

Bitcoin recently surged to its highest price since 2021, approaching its record peak of $69,000 before a correction. It currently stands above $63,000, driven by significant capital inflows into the global cryptocurrency market.

- Impact of ETFs:

The approval of spot ETFs for Bitcoin in the U.S. has attracted billions of institutional dollars, contributing to its upward trajectory. Out of the 11 approved ETFs, 10 are actively trading & have garnered substantial inflows.

- ETF Holdings:

Nine approved ETFs manage over 300,000 BTC, valued at $17 billion, while #grayscale 's holdings amount to approximately $27.61 billion, totaling around $43 billion worth of Bitcoin.

- BlackRock's Dominance:

#BlackRock , managing assets exceeding $7 billion, leads among ETF operators. Trading volume for its iShares Bitcoin Trust (IBIT) surged on Feb. 28, indicating widespread adoption.

- Halving Event:

Bitcoin's halving, occurring every four years, historically sparks price surges. Analysts predict it could drive Bitcoin to new highs, targeting at least $130,000 by 2024.

- Scarcity Model:

The halving maintains Bitcoin's scarcity, aligning with its deflationary principles by reducing mining rewards from 6.25 to 3.125 BTC per block. This ensures only 21 million $BTC will ever circulate, emphasizing Bitcoin's controlled supply mechanism.

- Market Predictions:

While many expect Bitcoin's price to soar post-halving, some, like JPMorgan, predict a drop to $42,000. The market's response will determine whether #bullish forecasts materialize in 2024.

- Current Status:

As of writing, Bitcoin trades at $63,748, with a market cap exceeding $1.2 trillion. Its future trajectory hinges on factors like ETF adoption & the halving event's impact on supply dynamics.

Source - crypto.news