Post Bitcoin spot ETF approval, multiple factors are in queue to support the Bitcoin bull rally of 2024.
The current trade price of Bitcoin (BTC) is $40,111 & this trade price is 17.5% high over the last 3 months of trade price & 100% high over the 12 months.
As we know, the United States Securities and Exchange Commission (SEC), an American regulatory body which forcibly regulates the majority of the portion of the crypto market under traditional securities laws, approved 11 Bitcoin spot ETF products on 10 Jan 2024.
The trade price of Bitcoin over the last two weeks showed that the hype of Bitcoin spot ETF products is over but otherwise the real impact of these financial products is going to take place.
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Bitcoin promotion
Currently digital assets fund manager Grayscale is liquidating its Green Bitcoin fund (GBTC) and soon it will complete its redemption process & further focus on the Bitcoin spot ETF product.
Bitcoin ETFs see net outflows for the first time ever, with Grayscale's GBTC leading the way. Despite inflows from BlackRock & Fidelity, the trend marks a shift in sentiment. #Bitcoin #ETFs
Grayscale's GBTC, the first and largest Bitcoin ETF, saw its first-ever outflows on…
— Digital Asset News (@NewsAsset) January 26, 2024
BlackRock, the top fund manager, is now engaged in those activities which are going to push Bitcoin education & opportunity with Bitcoin investment among the big investors.
NEW:
BlackRock is hosting a webinar tomorrow to educate their clients on #Bitcoin
pic.twitter.com/GI0r68zcjS
— Bitcoin Magazine (@BitcoinMagazine) January 25, 2024
Such efforts by BlackRock will surely create a type of peer pressure among other Bitcoin spot ETF product issuers to hold meetings on Bitcoin, to promote their corresponding Bitcoin product to attract investors.
Such types of high-level promotion of Bitcoin among top players will surely push Bitcoin adoption & inflow of money in the Bitcoin market.
Bitcoin-friendly US President
Currently, the race among the US presidential candidates is at its peak. Crypto hater & former US president Donald Trump is currently top in the race with 51% support across the US states, ahead of the election.
CBDC hater & Bitcoin supporter ex-US presidential candidate Vivek Ramaswamy recently quit the election race and jumped in support of Trump.
Probably Vivek will ask Trump to push proper rules & laws for the crypto sector regulation.
However, in the past Trump passed multiple negative statements against cryptocurrencies but here we should not forget that Trump & his family used tSolana (Sol) cryptocurrency network to launch NFTs (Digital collectables).
So here we can expect a better response from the upcoming president of the US for this crypto sector.
Bitcoin halving
Bitcoin halving is a type of technical event which will take place somewhere by the end of April 2024, in the Bitcoin blockchain network.
After this Bitcoin halving, the current supply of new Bitcoin production in the Bitcoin network will reduce by 50% ( from 6.25 BTC to 3.125 BTC).
Before halving the trade price will face significant correction, as per past pre-Bitcoin halving patterns. If Bitcoin follows its past patterns of halving events then surely it will pump by 100% in the next 12 months easily.
Read also: Google to allow Bitcoin spot ETF product advertisement in 3 days
Here are 3 big Bitcoin bull 2024 supportive factors
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