- Bitcoin’s price could hit $40,000 in November due to the upcoming Bitcoin halving cycle in April 2024, anticipation of SEC approval for a spot Bitcoin ETF in early 2023, and Bitcoin’s growing status as “digital gold” amid high inflation.
- The Bitcoin halving happens every 4 years, cutting the block reward miners receive in half. Historically, Bitcoin prices surge 12-18 months after a halving due to declining supply. We’re likely in the early stages of the bull run tied to the 2024 halving.
- Many expect the SEC to approve the first spot Bitcoin ETF in early 2023. In anticipation, investors are buying derivative coins like BTCETF. As the likelihood of approval grows, Bitcoin prices should rise.
There are three key reasons why Bitcoin‘s price could surge to $40,000 in November: the Bitcoin halving cycle, anticipation of SEC approval for a spot Bitcoin ETF, and Bitcoin’s status as “digital gold.” With macroeconomic uncertainty and geopolitical tensions rising, Bitcoin is gaining appeal as an inflation-resistant store of value.
The Bitcoin Halving Cycle
The Bitcoin halving occurs every four years and cuts the block reward miners receive in half. Historically, Bitcoin prices have surged in the 12-18 months after a halving due to declining supply. The next halving is in April 2024 when the block reward will drop from 6.25 to 3.125 BTC. We’re likely in the early stages of the bull run tied to this halving event.
Anticipation of a Spot Bitcoin ETF
Many expect the SEC to approve the first spot Bitcoin ETF in early 2023. In anticipation, investors are buying derivative coins like the Bitcoin ETF Token (BTCETF) in presale. BTCETF has clever features like a transaction burn mechanism tied to Bitcoin ETF milestones. As the likelihood of approval grows, Bitcoin prices should rise.
Bitcoin as Digital Gold
With inflation persisting and the dollar weakening, Bitcoin’s narrative as “digital gold” is gaining momentum. Bitcoin offers similar “store of value” properties as gold but with better portability and divisibility. Ark Invest’s Cathie Wood and other prominent investors have touted Bitcoin’s potential as an inflation hedge.
Conclusion
Between the halving cycle, ETF anticipation, and the digital gold narrative, Bitcoin looks poised to hit $40,000 in November. New spot ETF products will also open the floodgates to institutional investment in 2023 and beyond, providing a long-term tailwind for prices.
