3 Reasons Bitcoin Price Can Hit $40,000 in November, While Investors Move $20,000 into Bitcoin ETF Token ICO
Tuesday, November 7, 2023 – The Bitcoin price can hit $40,000 in November for three reasons, making the Bitcoin ETF token a must-buy at ICO for those who want exposure to the Bitcoin ETF theme.
Bitcoin halving, the launch of a spot Bitcoin ETF, and the Bitcoin digital gold thesis are the three factors converging to send the top cryptocurrency’s price to $40,000 this month, and possibly into the $60,000s early next year.
An expected bull run that accompanies the Bitcoin halving cycles has probably already begun – providing the first major reason for the doubling in the price of Bitcoin since its near-term lows printed in November last year.
The logarithmic price chart below showing the previous Bitcoin halving epochs illustrates the powerful price-positive driver that accompanies the reduction of the bitcoin block reward. In April 2024 the reward halves from 6.25 to 3.125 Bitcoin per block mined.
However, a second reason for bullish sentiment returning to the market is undoubtedly the narrowing odds that the US Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF, as soon as January next year.
In anticipation, traders have already started diverting their cash into Bitcoin derivative coins such as the Bitcoin ETF Token ($BTCETF) in order to be ready for the approval of a spot Bitcoin ETF.
Traders are incentivized to buy the $BTCETF token in the presale through the ecosystem’s staking feature. At the time of writing more than 3 million $BTCETF tokens have been staked, earning an astronomical annual percentage yield (APY) of 10,000-plus. The yield will taper lower as more funds are deposited into the staking smart contract.
Bitcoin ETF Token launches with a 5% burn mechanism on all transactions. Up to 25% of
