The Bitcoin halving is predicted to occur in April 2024, which will have a certain impact on the entire crypto market. But the most concerning one is the impact on Bitcoin itself. Bitcoin halving refers to the halving of rewards for mining new blocks. This means that miners receive 50% less Bitcoin when verifying transactions, which will also affect Bitcoin. The trading price of Bitcoin, then how much will one Bitcoin cost when it is halved in 2024? Will Bitcoin skyrocket after the 2024 halving, as predicted by insiders? According to the predictions of analysts in the circle, it is likely to rise. The estimated price increase is to US$50,000. The editor will explain it in detail below.
According to industry analysts’ predictions, the price of Bitcoin after the halving in 2024 will be around US$50,000. However, these are just analyst forecasts and actual conditions may differ. Investors should analyze and judge based on the current market conditions to make more informed investment decisions.
The last Bitcoin halving was on May 11, 2020, when the block reward dropped from 12.5 new BTC to 6.25 new Bitcoin. This supply crunch creates a bullish scenario for Bitcoin. A month before the halving took place, Bitcoin’s price rose from $6,877.62 to $8,821. Despite the high price volatility, Bitcoin continued to rise over the next year until it reached a high of $49,504 on May 11, 2021. This process shows the scarcity of Bitcoin and investors’ recognition of its value, as well as the market’s optimism about its future value-added potential.
It is unclear how the next halving will affect the price of Bitcoin. Many cryptocurrency analysts believe that prices will follow a similar pattern to the previous three halvings, rising after the event as the supply of new coins is limited. Some analysts predict that the Bitcoin halving could spark optimism in the market.
The price increase of Bitcoin will depend on the demand during the halving process. Since the last halving in 2020, the market has matured more and more mature cryptocurrencies have emerged, which may cause demand to remain stable or even decline, so a price increase is not inevitable.
The possibility of Bitcoin’s 2024 halving is unlikely to lead to a surge, but it is very likely to lead to higher prices. Halving refers to the mechanism by which Bitcoin mining rewards are halved. Its function is to limit the total supply of Bitcoin to 21 million, which occurs every four years or so. After the past three halvings, Bitcoin prices hit new highs each time. Therefore, while a surge is unlikely, some growth in Bitcoin price can be expected.
According to industry research analyst Jamie Douglas Coutts, about 50% of the Bitcoin halving effect is currently reflected in the price. Coutts predicts that the price of Bitcoin could reach $50,000 by April 2024. He pointed out that Bitcoin’s cycle bottom usually occurs around 12-18 months before halving. Although many changes have occurred in the past, the cycle structure this time looks similar to the past. As powerful as the Bitcoin network is, it has never experienced a prolonged period of severe economic contraction.
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