- One year after the next Bitcoin halving takes place, analysts are already beginning to speculate about a new bull run for the leading cryptocurrency.
- Prior to the last halving, which occurred on May 11, 2020, the price of digital gold had risen 19% in one year: it grew from $7,191 to $8,568, and then, in November 2021, reached an all-time high of $68,000.
- Since the beginning of 2023, Bitcoin is already up more than 80% and expectations are high.
While 2022 will go down in history as one of the worst years for cryptocurrencies after the demise of the Terra ecosystem and the FTX exchange, optimists see that 2024 could be a historic season. The reason? The arrival of a new halving in the Bitcoin network.
The halving, which halves the rewards of the miners, occurs after the creation of 210,000 blocks, which happens approximately every four years. It is estimated that each new block is generated every 10 minutes and with 54,877 still to be made, this It could happen on April 6. The place Buy Bitcoin Worldwide He has a Bitcoin watch on which he keeps accurate counts.
Miners currently receive 6.25 BTC for each mined/approved block added to the blockchain. ANDTheir work is crucial both to analyze each of the operations carried out on the network and also to prevent it from being hacked, which never happened. It is worth noting that the first rewards were 50, so that of 2024 will be the fourth halving.
A Bull Run is expected after halving
Specialists, based on experience, believe that this event will make the market euphoric and the price of BTC find new highs. Prior to the last halving, which occurred on May 11, 2020, the price of digital gold had risen 19% in one year: it grew from $7,191 to $8,568. and then, in November 2021, it reached an all-time high of $68,000.
Prior to the 2016 halving, BTC rose 142% in one year, while in 2012 it jumped 384% and thus broke the $10 dollar barrier. In short: the outlook is positive for 2024, but the year before this event was also important in the economic market.
“By looking at historical Bitcoin patterns, it appears that investors often accumulate in the run-up to the halving, although the exact timing and extent of returns after this may differ.”Jamie Sly, an analyst at CryptoCompare, told CNBC.
While adding:
“The accumulation period from the bottom after the breakout to the next halving has historically spanned at least 500 days. This would mean, if we were to assume that the market bottom for this cycle was in November of last year (when Bitcoin hit a yearly low of 15,760), then we are only 142 days into the current cycle. This would correlate with the next expected halving date, which is another 378 days away.”.
bitcoin recovers
Since the beginning of 2023, Bitcoin is already up more than 80% and expectations are high. The current banking crisis plus “possible cut in interest rates by the US Federal Reserve.” They are creating an ideal climate for digital gold to grow.
Vijay Ayyar, vice president of corporate and international development at the Luno exchange, believes that at $30,000, the current price of the main cryptocurrency, a “cyclical bottom” is being formed for BTC. “This tends to happen a year before the Bitcoin halving, which is scheduled for around April 2024,” Ayyar noted.
The projection indicates that the next halving will take place on April 6 and prior to this crucial moment in the network, two questions arise for which no one, not even Satoshi Nakamoto himself, can answer. What price will it reach at that time and how much will it grow after halving the miners’ profit? Time is the only one that will give certainty…
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