The highly anticipated Bitcoin halving event, scheduled for April 2024, has created a buzz in the crypto community. Many analysts and investors have predicted that leading up to the Bitcoin halving, which occurs approximately every four years, the price of BTC would enter a period of consolidation. Analyst Credible Crypto’s expectations suggest that Bitcoin’s price would range between $20,000 and $40,000 for approximately 12 months.
A Bitcoin halving is when the reward for mining new blocks is cut in half. Miners receive 50% fewer bitcoins for verifying transactions. This happens approximately every four years until a total of 21 million bitcoins are generated.
Expectations: “The Bitcoin halving is in April 2024. Expect $BTC to go sideways between 20-40k for about 12 months which is when we accumulate as much Bitcoin as we can. Once the halving hits, we start our next bull run to 100k+ into 2025. WAGMI.”
Reality: BTC makes a new ATH…
— CrediBULL Crypto (@CredibleCrypto) June 3, 2023
The next Bitcoin halving is expected to occur in April 2024, around the time when the number of blocks reaches 740,000. At that point, the block reward will decrease from 6.25 bitcoins to 3.125 bitcoins. The exact date of the halving is not known because block generation time can vary, but on average, a new block is generated every ten minutes.
Contrary to these expectations, the year 2023 witnessed a remarkable turn of events in the Bitcoin market. Instead of entering a sideways trend, Bitcoin had a remarkable run at the beginning of 2023. The coin experienced a notable surge since December 31st, marking a partial recovery from the significant decline it faced in 2022. However, currently, the token is encountering challenges as its value hovers around the $30,000 range.
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Bitcoin (BTC) has been consolidating since its all-time high (ATH) was hit in 2019. But according to a new analyst report, the digital currency may reach its highest ever value (ATH) within the next two years.
Based on technical charts and recent market activity, the report states that a “sustained bull run” could begin towards the end of 2021 or early 2022 and take Bitcoin over its current ATH (around $20,000) by the end of 2023. If the prediction is correct, Bitcoin’s ATH would almost double to around $40,000 per BTC in that time frame.
The report states that Bitcoin has seen three major price cycles in the past, with “significant price increases followed by long corrections”, and that this pattern is likely to repeat itself. It adds that Bitcoin’s current ranging market is likely to come to an end soon, with activity “building towards a stronger uptrend” as soon as Q1 2021.
It also notes that the number of active Bitcoin wallets is seeing “growth acceleration”, and that Ethereum’s growth of around 775% in 2020 is likely to have a positive impact on Bitcoin in the coming year.
Overall, the report paints a positive picture for Bitcoin’s growth prospects. This comes at an opportune time, as increased institutional interest has boosted its appeal, and governments and central banks around the world are exploring digital currencies as an alternative to fiat. Should the analysts’ prediction materialize, Bitcoin will see a huge increase in usable cases and utility, and could ultimately reach the level of mainstream adoption that its advocates have long been calling for.