Bitcoin (BTC) Price All Set To hit $160k in 2024 Ahead of ETF and Halving

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Excitement is building in the world of Bitcoin as it gears up for its next big event in April 2024 – the halving. Historically, when this happens, Bitcoin’s price tends to go up a lot. And this time experts are predicting that Bitcoin could reach around $160,000.

On-chain Metrics Signal Bullish Trends

On-chain analysis firm CryptoQuant highlight that on-chain valuation and network metrics indicate Bitcoin is well within a bull market. However, they have set a short-term target of $54,000 and suggest a long-term price top of $160,000.

However, the analysts at CryptoQuant state that for Bitcoin to reach the predicted mark, various factors need to align. These include the Bitcoin halving, macroeconomic perspectives, spot ETF approval, and the increasing liquidity of stablecoins. This convergence of elements could pave the way for a positive trajectory for Bitcoin in 2024.

Spot ETF Anticipation

In a potentially groundbreaking move, major financial players like BlackRock and VanEck are in discussions with the U.S. Securities and Exchange Commission (SEC) for the approval of spot Bitcoin ETFs. 

If greenlit, this development is seen as a watershed moment comparable to the introduction of the S&P 500 ETF.

Fed’s Influence: Lower Rates,

Traders are also eyeing potential positive impacts from the U.S. Federal Reserve potentially lowering interest rates in 2024. Lower rates historically prompt investors to make substantial bets on riskier assets, including cryptocurrencies.

While the outlook remains positive, CryptoQuant’s report cautions about potential short-term price corrections. Investors holding significant unrealized gains pose a risk, requiring vigilance in the coming months.

Despite short-term uncertainties, Bitcoin has showcased an impressive year-to-date rally exceeding 180%, providing a glimpse into potential further gains as it approaches the New Year.