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Huge Catalyst For Bitcoin Is Around The Corner

The latest reports reveal that there is a massive catalyst for Bitcoin that will shatter the price of the most important digital asset out there. Check out the latest reports below.

At the moment of writing this article, BTC is trading in the green, and the king coin is priced at $27,871.

Bitcoin new catalyst awaits

Crypto investment firm Galaxy Digital says a major bullish catalyst is on the horizon for Bitcoin (BTC). This is reportedly happening as accumulation soars.

It’s also important to note the fact that in a recent blog post, the investment firm also says one possible bearish event looms.

“Two primary supply events loom in the future, one bullish and one potentially bearish.”

Per Galaxy Digital, the bullish catalyst is Bitcoin’s fourth halving event slated to occur in April 2024.

“Halving events take place every four years and reduce the amount of new BTC entering the market. The tightening of supply has historically coincided with major moves to the upside in Bitcoin’s price,” the online pubcalition the daily Hodl notes.

“Bitcoin’s next halving (projected to take place in April 2024) will bring the network’s inflation rate below 1% with roughly 450 new bitcoin being mined per day. Historically, Bitcoin’s three previous halvings (2012, 2016, 2020) have been pointed to as catalyzing subsequent bull runs, as existent demand quickly outstripped lower levels of new supply…” the official notes read.

They continue and state the following:

“The 2024 halving should remain in focus for the simple reason that bitcoin’s inflation rate falling below 1% will place it among the hardest existing assets known to humanity, lower than historical store-of-value assets such as gold and silver.”

BTC outshines ETH

It’s been just revealed that with the Shanghai-Capella upgrade slated for April 12, industry participants and investors are now bracing for the initial impact from validators seeking to withdraw and sell their locked-up ether (ETH).

“ETH fell 4.7% Wednesday as part of a broader market sell-off following US Federal Reserve Chair Jerome Powell’s press briefing of the Fed’s latest interest rate hike and news of SEC enforcement actions against Justin Sun and Tron-affiliated groups and individuals,” the online publication Blockworks notes.

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