According to crypto experts, the ongoing bear market has come to an end after almost two years. Bitcoin (BTCUSD) prices have more than doubled year-to-date, while Ethereum (ETHUSD) has surged close to 70% in 2023. Moreover, two key near-term drivers could drive cryptocurrency prices higher in the next 12 months.
First is the Bitcoin halving event, which is expected to take place in April 2024. The total number of Bitcoin that can be mined is limited to 21 million, and the halving process reduces the rewards for mining – which is intended to control the supply of cryptocurrency on the market and limit inflation. The halving typically acts as a positive catalyst for Bitcoin. For instance, between November 2015 and November 2017, BTC prices surged by 2,000%, while they spiked almost 600% between November 2019 and November 2021.
Another significant event for cryptocurrencies could be the upcoming launch of multiple spot Bitcoin…
