We are living a dream year-end 2023, this if we take into account that the Bitcoin price action today stood at $44,000, an element that somehow creates a very optimistic environment as it somehow validates what we had been announcing throughout this year.
It is important to mention that although there are multiple reasons that may be driving the Bitcoin price action, for a good group of analysts what is really driving the price is the approaching Bitcoin Halving and the BTC ETF are the main elements that would be driving the action.
According to an article uploaded on Cointelegraph by Gareth Jenkinson, "The possible approval of Bitcoin exchange-traded funds (ETFs), the impending halving of the BTC mining bounty and significant regulatory and enforcement actions are having a profound psychological effect on market prices."
In this sense, "Bitcoin halving is a psychological phenomenon, considering the influence of the four-year cycle between Bitcoin mining bounty halving, Matsumura compares the pace to that of a medieval battering ram."
On the other hand, for Animoca's CEO, "the effect is similar to any business where interest rates, employment numbers and other big macroeconomic signals have an impact even if they are not directly affecting you"
SOURCES CONSULTED
Cointelegraph. Bitcoin halving, BTC ETF hype driving price up into 2024 — NBX Berlin. Link
OBSERVATION:
The cover image does not belong to the author: @lupafilotaxia, the image was taken from: Cointelegraph
