Next Bitcoin Halving Will Happen On April 20, 2024, Will Bitcoin Break Out To $148,000?
- The next Bitcoin halving is scheduled to take place on April 20, 2024.
- If history repeats itself, the next halving will see Bitcoin rise to $35k before the halving and $148k after.
- Price action is still being determined as it depends on many other market factors.
The Bitcoin Halving is an important event that occurs every four years on the Bitcoin network. The next halving is scheduled to take place on April 20, 2024. Mining rewards will be reduced from 6.25 BTC per block to 3.125 BTC per block.
Bitcoin Halving is a process in which the reward for mining Bitcoin transactions is halved. The reward is the number of Bitcoins that miners receive for solving complex math problems and adding transactions to the blockchain. Bitcoin was designed to have a limited supply, with only 21 million bitcoins mined. As of April 2023, more than 18.7 million bitcoins have been mined, and the number of remaining Bitcoins is decreasing with each halving.
The halving event is expected to reduce the supply of newly mined Bitcoins, leading to an increase in the price of Bitcoin. However, as with previous halving events, the exact impact on the Bitcoin price is uncertain and can be influenced by various factors.
As reported by Pantera, if history were to repeat itself, the bitcoin price should have bottomed on December 30, 2022. The low occurred on November 9, 2022, amid the FTX failure. We should see a rally in early 2024 and a strong bounce after the halving; a breakout to $148,000 is anticipated.
Several factors can lead to Bitcoin’s price drop after the halving, such as regulators still taking measures to tighten and regulate deeper into the crypto industry or Bitcoin’s competition with tons of attractive new altcoins, promising rapidly increasing profits.
However, other lights make Bitcoin more optimistic next year. For example, the recent partial victory of Ripple could be an incentive that companies that are suing with the SEC can use as a basis to move. Ripple’s win with the SEC is also an important opportunity to increase the approval of a spot Bitcoin (BTC) exchange-traded fund (ETF) in the United States.
The race to file a spot in Bitcoin ETF began with BlackRock’s filing with the SEC on June 16. WisdomTree, Invesco, Valkyrie, and several other giant institutions followed suit. The recent batch of filings in Q2 2023 comes despite the SEC rejecting all previous spot ETF filings. Many market analysts believe 2023 is essential for a spot Bitcoin ETF.
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