
April could be tumultuous for crypto and related stocks, particularly mining stocks. Investors are looking toward the bitcoin halving, which will slash the reward, and therefore revenue, of bitcoin miners, in the second half of the month. The event could hurt the performance of miners but historically has set bitcoin up for rallies of 300% or more in the months that follow. But in 2023, Bitcoin's price soared 154% to over $42,000. That rally was driven by slower rate hikes and the market's renewed interest in the crypto market. Many investors also expected the SEC to finally approve Bitcoin's first spot price ETFs. “This $42,000 estimate is also the level we envisage Bitcoin prices drifting towards once Bitcoin-halving-induced euphoria subsides after April,” the analysts wrote. Bitcoin had spiked to $49,000 January 11 on the ETF launch day but then fell back into its early December 2023 level prior to the SEC announcement. The world's largest cryptocurrency rebounded about 157% in 2023. Bitcoin is now up about 65% so far this year.
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