A leading crypto analyst, Josh Rager, has shared a perspective with his vast audience, hinting at a potential bullish phase for Bitcoin, regardless of the fate of the proposed Bitcoin ETFs.
He expressed that the halving event, which reduces the block rewards for miners, undoubtedly influences Bitcoin’s price. However, he noted that the tangible effects on the price often manifest a few months after the halving, as observed from previous halving events.
Rager also emphasized the current significance of the Bitcoin ETF in shaping the cryptocurrency’s price. He believes that the ETF will play a crucial role in determining Bitcoin’s price trajectory in the upcoming year. Despite this, he conveyed optimism that even if the ETF proposals face rejection (which he personally finds unlikely at this juncture), the impending supply challenges related to Bitcoin would likely ensure a positive price trend for the cryptocurrency throughout 2024, following any initial setbacks due to ETF disapprovals.
While acknowledging that there are limited data points regarding Bitcoin halving, Rager stressed the undeniable foundational aspects and the influence of reduced block rewards on Bitcoin’s price in subsequent years. He concluded with a confident outlook, suggesting that regardless of potential ETF setbacks, Bitcoin is poised for a bullish run in 2024.
At the time of writing, Bitcoin is trading at around $28,915, down one percent in the past 24 hour period.