Bitcoin Future Predictions Ahead Of Halving And Spot Bitcoin ETF Approval

Illustration of Bitcoin. (photo: Pixabay)

JAKARTA - The year 2023 is a turning point for the Crypto Assets market, where the industry experienced recovery after facing a crypto winter period in the previous year.

For information, in 2022, Bitcoin will experience a correction of 75 percent of its peak price in 2021, which is US$69,000 (Rp1.06 billion).

But this year, Bitcoin managed to record an increase of more than 160 percent throughout 2023, up from a price range of 16,600 US dollars (IDR 255.6 million) to 44,500 US dollars (IDR 685 million).

During that semester, Ajaib Kripto saw that the first half of 2024 would look quite congested with a series of news and events important for the crypto industry.

The following are some of the predictions of the Crypto Asset market in 2024, based on an analysis from the Financial Expert Ajaib Kripto, Panji Yudha.

In four of the last five meetings, the Federal Reserve decided to maintain interest rates in the range of 5.25 - 5.50 percent, including at the last FOMC in 2023.

The annual inflation rate in the US slowed to 3.1 percent in November 2023, the lowest figure in the past five months, down from 3.2 percent in October and in line with market forecasts.

"The US Central Bank is optimistic that it can reduce the inflation rate in 2024 to a target of 2 percent, along with economic growth and slowing labor market activity," Panji said as quoted on Wednesday, December 27.

The crypto market is awaiting a decision from the United States Securities and Exchange Commission (SEC) in January 2024 regarding a series of Bitcoin spot Exchange-Trad Exchange Fund (ETF) applications. This decision is believed to affect the way investors interact with Bitcoin, opening the door to more regular access to investing in these digital assets.

The crypto community will certainly look forward to the events of the Bitcoin halving projected to occur in 2024. Bitcoin busking only occurs about once every 4 years, in exchange for (reward) mining one block of Bitcoin will be divided into two every 210,000 blocks to reach a maximum limit of 21 million.