Key Points:
Read more: Bitcoin Hash Rate Continues to Increase With New All Time High
According to data from IntoTheBlock, the price of BTC was around 63,900 dollars during the last Bitcoin halving event. It has fallen by some 12% since.
Historically speaking, peaks in BTC tend to occur about 480 days after a Bitcoin halving event, meaning the next high would fall due in the summer of 2025. In the past, major price surges within 6 to 12 months following prior events ushered in new growth cycles for the crypto market. Indeed, investors were highly expecting these events to drive fresh all-time highs into this market.
A Bitcoin halving event is a pre-set event occurring every four years wherein mining rewards are shaved by 50%. The idea behind this mechanism was to avoid inflationary pressures, which would occur because more and more new Bitcoins would come into the market, raising prices if demand remained constant. At the same time, this does not save Bitcoin from inflation in fiat currencies.
Already, the 2024 cycle has broken some traditional patterns. In March, before the halving occurred, Bitcoin reached an all-time high of $73,800. This unexpected surge was attributed to the approval of Bitcoin ETFs in the United States, which enabled wider access to Bitcoin among institutional investors.
Pivotal as it may have been, Bitcoin halving has come to, at best, depend mainly on regulatory changes and market sentiment. This could mean the whole cryptocurrency market might sail into more uncharted waters shortly.
DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
Explore Solana’s TVL rise and AIC’s recovery. BlockDAG’s $1M giveaway announcement drives its presale upward,…
Qubetics' dVPN presale raised over $1.2M, offering decentralised privacy solutions, while Cronos and Zephyr focused…
OKX officially announced its OKX UAE Crypto Launch, a VARA-licensed exchange in Dubai featuring more…
Discover BlockDAG’s extensive media coverage and a projected 30,000x ROI. Stay updated on Stacks' price…
Gotbit CEO was Arrested for market manipulation, but Neiro, a project supported by Gotbit and…
Binance founder Changpeng Zhao announced plans to attend Binance Blockchain Week in Dubai despite recent…
This website uses cookies.