1 month later Bitcoinits big Half-off eventpeople in the cryptocurrency community want to know where the major cryptocurrencies are heading.
Latest Bitcoin halving A technical event occurred between April 19th and 20th that reduced the reward for mining new Bitcoins by half, splitting the reward from 6.25 Bitcoins to 3.125 Bitcoins. Bitcoin halving is a feature that ensures the scarcity of the cryptocurrency and protects it from inflation, and it occurs every four years.
Bitcoin's value is currently hovering around $65,000, but it is primarily in the green. Inflation is easing and stock markets are bullish. Bitcoin has not risen significantly even after the halving process, and is currently trading around 12% below its all-time high of $73,803 in March. It's still up about 140% in the past year. But historically, Bitcoin soars after halving event.
First Bitcoin halving This happened in November 2012, when the reward for mining a block was reduced from 50 Bitcoins to 25 Bitcoins. At the time, the price of Bitcoin was $12. After 100 days it rose to $44 and after 300 days it rose to $135. The second halving event occurred in July 2016, when the reward was reduced from 25 Bitcoins to 12.5 Bitcoins. The flagship cryptocurrency rose from $658 to $1,551 in 300 days. During the third halving in May 2020, the Bitcoin incentive was cut in half to 6.25 Bitcoin. At the time, Bitcoin was worth $8,601, but within 300 days it rose to $50,941.
Stephen LubkaManaging Director of Bitcoin Financial Services Company swan bitcoin, seems optimistic about the growth of the top cryptocurrency. In his email, he wrote that Bitcoin's performance will increase significantly ahead of the halving, but historically this has not happened. “Bitcoin has never had a sharp rise after a halving. It usually happens month-to-month over time,” he said.
Rennick Paley Founding Partner of a Cryptocurrency Venture Capital Company stratosadded that Bitcoin will likely continue to rise in price over the next 12 months after the halving.
So why is this year’s halving different from previous years? The main reason is Bitcoin peaked a month ago, it becomes difficult to maintain the same momentum. Furthermore, the expert adds: Mainstream adoption of Bitcoin And the release of Spot Bitcoin ETF The factors that influence the price movements of the top cryptocurrencies have changed.
According to Parry, Bitcoin's price is currently largely determined by global liquidity trends and adoption. “As fiat currency continues to be printed and more people around the world realize the value of Bitcoin as a store of value, the price of Bitcoin in dollar terms will continue to rise,” he said.
While many will continue to be surprised by the changes in Bitcoin's trends, analysts say they wouldn't be surprised if the flagship cryptocurrency surpasses the $100,000 mark this year. “It's always difficult to predict the exact time period, but I expect Bitcoin to reach six digits soon,” Lubka said.
CoinGecko, a cryptocurrency tracking website, It turns out that the price of Bitcoin has increased by 96,302% Since 2013.
