As 2024 draws near and anticipation around the next Bitcoin halving continues to grow, crypto investors have become increasingly bullish. However, the halving, while being perhaps the most important event for each bull market, is not the only major event for investors to keep an eye on. So here are other major events that could make or break the price of Bitcoin as the market heads toward perhaps what would be another record-breaking bull market.
Important Events For Bitcoin Going Forward
The Bitcoin ETF filing by trillion-dollar asset manager BlackRock has rocked the market to the core. The initial euphoria of the filing saw the market surge but as investors have settled back down, new events are on the horizon that could be defining moments for the price of the digital asset.
In a tweet thread, the co-founder of Pear Protocol laid out a timeline for the BlackRock spot ETF filing as well as the important dates in this timeline. The first of these dates is June 28 which is when the iShares filing will be published on the Federal Register for comments. Now, this may not be as important as the other dates in the tweet thread but it will help to provide guidance for how the market is feeling toward these Spot Bitcoin ETFs.
The next important date is August 12, 2023, the date which is the first deadline for the United States Securities and Exchange Commission to give a response to the BlackRock ETF filing. There are three possibilities for this. The regulator will either approve, deny, or extend its decision by another 45 days, giving its ample time to contemplate. The third will most likely be the case going by the commission’s previous responses to similar filings.
Then enters the September 26, 2023, date which is the next date for the SEC to present a decision if it extends by 45 days. Again, the same three options are open to the regulator but this time around, the SEC can choose to extend its decision for another 90 days.
If the SEC extends again, the next important date is placed on December 25, 2023, and also presented with the same three options of approve, deny, or extend. However, this would be the last time the regulator can extend its decision, but only for 60 days.
Assuming the SEC takes all three opportunities to extend, then it would be left with February 23, 2024, date in which it would be left with only two options: deny or approve the ETF. If the SEC approves the application, this will obviously be good for the market and could trigger the start of the bull rally.
If the regulator does decide to deny the ETF, it could send the market tumbling and cause the prices of Bitcoin and other digital assets to fall. However, the good news is the Bitcoin halving would be right around the corner, waiting to happen on March 25, 2024.
The halving would quickly put a stop to any bleeding triggered by an SEC rejection, providing ample positive sentiment for the crypto market to begin recovering. Although a BlackRock ETF approval coinciding with the Bitcoin halving will leave the market growing rapidly and hitting new highs earlier than expected. Nevertheless, it is important for investors to keep an eye on these dates as they could impact Bitcoin prices going forward.
On its part, Bitcoin is still doing well despite the slowdown of momentum in the market. The cryptocurrency is still holding above $30,600 at the time of this writing, seeing gains of 14% in the last week alone.
by Scott Matherson via Bitcoinist.com
Comments
Post a Comment