Copyrighted Image by: Reuters.

Cryptocurrency enthusiasts and investors are closely monitoring the U.S. Securities and Exchange Commission (SEC) as it reviews the potential listing of a spot Bitcoin Exchange-Traded Fund (ETF). With Bitcoin (BTC) currently sustaining an upward trend below $40,000, the market is buzzing with anticipation. Speculation is rife that the value of BTC could potentially triple, influenced by the outcome of the ETF's review and the upcoming Halving event scheduled for Q2 2024.

Investment strategists have weighed in on the matter, some with a conservative price target of $100,000 for BTC, citing a blend of macroeconomic analysis and historical patterns observed during past Halving events. Halving, a feature built into Bitcoin's code, reduces the reward for mining new blocks by half, effectively cutting the rate at which new bitcoins are created and released into circulation. This event has historically been a catalyst for significant price rallies in Bitcoin's market value.

The sentiment surrounding the possible approval of a spot Bitcoin ETF is adding to the positive outlook for BTC's price. An ETF would provide a regulated investment vehicle for exposure to Bitcoin, potentially opening the market to a broader base of investors who have been waiting for more traditional avenues to gain exposure to the cryptocurrency.

As the market looks ahead to these developments, the potential for a new bull market phase in Bitcoin, supported by Tapiero's forecast and the historical precedent of post-Halving rallies, is a story that continues to unfold. The SEC's decision on the Bitcoin ETF listing remains a pivotal point that could shape the trajectory of BTC's value in the months leading up to the Halving event.

https://www.investing.com/news/cryptocurrency-news/bitcoin-etf-listing-under-sec-review-as-btc-eyes-100k-amid-halving-event-93CH-3244353