There are only 12 days left until Bitcoin's fourth halving, and the cryptocurrency market is in a frenzy. This historic event, scheduled to occur on April 20, 2024, will be an important milestone in the history of Bitcoin, impacting the economy and creating excitement among investors.
However, historical data shows that Bitcoin's value has skyrocketed after each halving, sometimes reaching an astounding increase of up to 8,000%. In a post by Let's dive in.
past record
Previous Bitcoin halvings have seen significant price spikes, reflecting the profound impact this event had on network dynamics. During the first halving in November 2012, Bitcoin's price rose an astonishing 9,500% from $12 to $1,166 in less than a year. Similarly, his second halving in July 2016 sparked a bull market, pushing Bitcoin's price close to his $20,000 mark, representing a 4,100% increase.
Even during the coronavirus pandemic, the third halving in May 2020 saw significant price increases, with Bitcoin reaching an all-time high of $69,000 by November 2021 before halving. This was an increase of 700% from the previous period. But experts say this year will be different.
what's new?
Unlike previous events, Bitcoin has already reached an all-time high of over $69,000 ahead of the fourth halving. Nevertheless, analysts are closely monitoring the potential impact on Bitcoin's price trajectory, and there is great anticipation for upcoming events.
What makes things even more interesting is that renowned analyst PlanB predicts that Bitcoin will reach $100,000 this year and exceed $200,000 in the future, based on its Stock 2 Flow (S2F) model. We are predicting further price increases.
Expected encryption impact
Additionally, Bitcoin’s fourth halving event has three main implications. First, fewer new Bitcoins are created each day, making Bitcoin more like gold and reducing inflation. Second, he only has 21 million Bitcoins to mine, which could accelerate the scarcity of Bitcoin, causing people to want it and causing the price to rise. Finally, it encourages miners to use better equipment to mine Bitcoin, making the network more secure.
Read more here: Bitcoin Halving in 2024: Why It Matters and What to Expect
What do you expect?
Historically, the price of Bitcoin has experienced significant increases in the months following a halving. However, it is important to remember that cryptocurrency markets are volatile and the future cannot be predicted with certainty. Some experts predict that the halving in 2024 could push Bitcoin prices to new all-time highs. Some believe the impact will be more gradual and that prices will continue to rise.
Regardless of its direct impact, the 2024 halving will be a major milestone in Bitcoin's history. This event is about the short supply and deflationary nature of cryptocurrencies making them long-term investment assets.
Also read: Ripple does not control XRP price fluctuations: experts repeat
