- The cryptocurrency market saw some big gains in the first month of 2023, following the FTX crash.
- The next halving event for Bitcoin is scheduled for 2024, which could significantly increase its price.
- Analysts and traders expect a strong surge in the price of BTC after the halving in 2024.
History of Halvings
Every four years, the mining benefits are cut in half; in 2024, the miner payout will be 3.125 BTC. This event, known as a ‚halving‘, reduces the number of Bitcoins in circulation, and has historically been associated with an increase in its price. PlanB, a cryptocurrency trading specialist stated that this second Bitcoin halving “will (again) pump BTC”. Josh Rager also predicted a significant surge in its value after May 4th 2024 – labelling it “the real party”.
In January 2021 Bitcoin increased from $16.5k to $23.1k as bullish signals for crypto grew stronger following the FTX crash. February has seen some minor decreases but these have been expected due to seasonal changes and do not necessarily indicate long-term trends or movements within the market.
Halving Event Expectations
Many analysts and investors believe that this upcoming halving event could push up prices significantly due to reduced Bitcoin supply and increasing demand over time. The Halvings have historically created large opportunities for traders as they anticipate higher prices due to limited supply coming into circulation relative to demand levels at any given time.