Now that the initial euphoria around the new spot Bitcoin (CRYPTO: BTC) exchange-traded funds (ETFs) has started to fade, it's time to move on to the next major catalyst for Bitcoin: the halving event in April. According to a growing number of analysts, this could really send its price soaring.

In fact, according to Bitcoin ETF issuer Grayscale (NYSEMKT: GBTC), the impact of this halving could exceed any of the three previous Bitcoin halvings. But is that really the case? There are three key reasons this event might end up disappointing crypto investors.

As we've seen with the spot Bitcoin ETFs, the market is getting a lot smarter about pricing in the impact of each new Bitcoin event. If you subscribe to the efficient markets hypothesis, which says that the market efficiently prices in new information about any asset, then this is exactly what you would expect.

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Source Fool.com