Bitcoin kicks off 2024 with an incredible 160% surge from a year ago, but the big news on everyone’s radar is just around the corner.
As the year closed, BTC’s price held strong, with no last-minute ups and downs causing chaos for either the bullish or bearish strategies.
What’s next? The first half of January is gearing up to be groundbreaking for Bitcoin. Why? Because it’s decision time for the approval of the United States’ inaugural spot price exchange-traded fund (ETF).
Predictions about how the markets will respond to this decision vary widely. Some predict that a go-ahead will unleash a torrent of institutional investment, transforming Bitcoin forever. Others view the ETF launch as a mixed bag, expecting an immediate pullback in BTC’s price despite the approval.
2024 promises to be a significant year all the way through. Just a short four months away looms Bitcoin’s next block subsidy halving, and on-chain data indicates that miners are getting ready for a seismic shift in the system.
At the start of the year, network fundamentals are looking positive — there’s been a 1.5% uptick in difficulty this week, hitting new record highs.
But the dynamics could swiftly change as ETF tensions intensify. After all, a rejection is still a possibility, even though it’s a scenario many have started overlooking.
