For the first three months of 2024, the primary investment thesis for Bitcoin (CRYPTO: BTC) has been the recent introduction of the new spot Bitcoin exchange-traded funds (ETFs). And indeed, with nearly $1 billion flowing into them on a daily basis, these new ETFs have played a prominent role in pushing up the price of the cryptocurrency to new all-time highs.

But there's another catalyst on the horizon that could play an equally important role in Bitcoin's future price trajectory: the upcoming halving in mid-April. On one hand, the event could see the crypto rocket even higher, as it has after previous halvings. On the other hand, the event could overpromise and underdeliver, thereby dampening the current Bitcoin euphoria. Let's look at both scenarios.

If you examine the track record of Bitcoin, it's hard not to conclude that the upcoming halving will produce some truly spectacular gains. In three previous halving cycles (in 2012, 2016, and 2020), it has skyrocketed to new all-time highs.

Continue reading

Source Fool.com