Bitcoin Price Predictions for 2024: Could Halving and ETF Approvals Push BTC Past $100K?

Bitcoin Halving and Price Surge

The upcoming Bitcoin halving, expected in April 2024, is a highly anticipated event likely to drive up Bitcoin prices. Historically, halving events have reduced Bitcoin’s inflation rate, often resulting in substantial price increases. This year’s halving will reduce the inflation rate to 0.85%, and predictions suggest Bitcoin might reach around $99,000 or potentially even surpass $100,000 due to the combined factors of limited supply and increased demand​ Investopedia​ Cointelegraph.

Anticipation for a Bitcoin ETF

Investors are also looking forward to a potential spot Bitcoin ETF approval, which could be finalized as early as January 2024. If approved, this ETF would allow more institutional investments, making Bitcoin even more accessible to investors and possibly increasing its price​ EconoTimes.

Ethereum Upgrades and Growth

Ethereum is projected to see significant growth as well, with the upcoming EIP-4844 upgrade. Set for the latter part of 2024, this upgrade aims to improve the network’s transaction speed and cost efficiency, which could boost its market position and drive its value upward​ Investopedia.

Economic Influences on Crypto

U.S. Federal Reserve policies will also play a critical role. If interest rates are cut earlier than expected, it could result in a more favorable environment for risk assets like cryptocurrencies. A strong economy, coupled with such a monetary policy, could catalyze another bull market​ EconoTimes.