long awaited Bitcoin ETF approval did not bring the results that investors hoped for, and BTC could not be permanent at the point where it rose. It fell below $40,000. Attention now turns to the Bitcoin halving, and the biggest potential winner of this event will be Ethereum.
Once 210,000 blocks have been mined, which happens approximately every four years. The block reward allocated to Bitcoin miners for transactions is halved. This event is called halving because of its effect of halving the rate at which new BTCs enter circulation.
The purpose of this event is to reduce the circulation of new coins and increase the price of Bitcoin.
Ethereum Will Leave Bitcoin Behind, According to Cathie Wood
Wood’s long-term predictions offer ambitious predictions for Bitcoin and Ethereum. He envisions three scenarios for Bitcoin from 2023 to 2030;
A $258,000 bear market and a $1.48 million bull market. For Ethereum, he predicts that its market value could exceed $20 trillion from 2022 to 2032, which could increase the value of each ETH to $166,000.
Financial Institutions Give Bullish Signal for ETH
The report from investment management firm VanEck offers a positive forecast for the future of Ethereum and the Report draws three potential scenarios for the market price of Ethereum by 2030; a bull scenario, a bear scenario and a fundamental scenario.
In the event of a bullish uptrend, Ethereum’s market price could rise 31x from its current value to $51,006. The parameters that support this optimistic scenario are supported by Ethereum’s capacity to offer security and its use as a store of value.
ETF Approval for Ethereum Expected to be a Major Factor
The SEC approval of Bitcoin ETFs is considered a major milestone in the cryptocurrency industry and is seen as a significant step towards broader acceptance of cryptocurrencies in the financial sector. The SEC will rule on spot Ethereum ETF applications by May 23, 2024.
From ETFs to Bitcoin halving, many events could push the price of Ethereum to new all-time highs and provide investors with significant gains, but these are all guesses.