The approval of Bitcoin ETFs provided a big boost to Bitcoin. But now we have an even bigger price catalyst coming when it comes to the Bitcoin halving. FOr those unfamiliar with it, it's basically the Bitcoin emission being cut in half. In other words, new Bitcoin is created about every 10 minutes, but now the amount that's created is about to be cut in half making Bitcoin more scarce (Bitcoin price increase should follow).

There were 19,573,975 bitcoins in existence as of Dec. 18, 2023. Since the cryptocurrency has a limit of 21 million, there were 1,426,025 bitcoins left to be rewarded.

New bitcoins are added to the Bitcoin supply approximately every 10 minutes, which is the average amount of time that it takes to create a new block on the Bitcoin blockchain.2 By design, the number of bitcoins minted per block is reduced by 50% after every 210,000 blocks, or about once every four years.3
Source: Investopedia

~2.6 million Bitcoin were mined or created between 2020-2024. But some time this week, that 2.6 million number is supposed to be cut in half, hence why it's called the "halving". Anyways, if less and less Bitcoin is making it into circulation due to less being created, then it would make Bitcoin more rare, or really it would be easier for the demand of Bitcoin (investors buying it) to outpace Bitcoin supply (the new bitcoin being created in addition to what's already in circulation). That scarcity effect is supposed to increase the price of Bitcoin.

Keep in mind that there will only ever be 21 million Bitcoin in circulation ever. New Bitcoin is created until that max supply number is reached.
After the maximum number of bitcoins is reached, even if that number is ultimately slightly below 21 million, no new bitcoins will be issued.
Source: same as above

Here's an illustration of the Bitcoin halving:
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