Bitcoin Halving 2024 — The Next Big Thing in Crypto?
After the Bitcoin ETFs approval news from the SEC, the investor’s head turned to the next big thing that was coming into the industry. That is none other than, ‘Bitcoin Halving’. It has a huge impact on Bitcoin’s price speculation. The next halving is set for 2024, and people are curious about this upcoming event. In this blog post, we’ll explore why Bitcoin halving is important, how it has affected prices before, and why some see it as the next exciting thing in the crypto world.
What is Bitcoin Halving?
Bitcoin halving is a built-in rule in the Bitcoin system. It happens about every four years or after every 210,000 blocks of transactions. This rule is there to control how many new bitcoins are made. By cutting the rewards for miners in half, it helps control how many bitcoins are out there. The goal is to make Bitcoin scarce, like precious metals such as gold. The last two halvings were in 2012 and 2016, and the next one is expected in April 2024.
What does history say?
Looking at what happened after the previous halvings can give us an idea of what might happen in 2024. After the 2012 halving, the price of Bitcoin went from about $12 to over $1,000 in the next year. The 2016 halving led to a massive increase too, with the price going from around $650 to nearly $20,000 by the end of 2017. These past events make people think the 2024 halving could lead to another big surge in prices.
How does it affect the price?
The main reason why Bitcoin halving affects prices is because of supply and demand. When fewer new bitcoins are coming into the market, and more people want them, the price tends to go up. It’s like when something is rare, people are willing to pay more for it. So, with fewer new bitcoins available, more people might want to buy or keep the ones they have, and that can make the price go higher.
Another reason to consider:
Apart from supply and demand, people talking about what might happen can also impact the price. Traders and investors pay close attention to halving events, thinking the price will go up. This anticipation and guessing can create a situation where people buy more Bitcoin, hoping the price will go up. This increased interest can then push the price higher.
Challenges and Risks
Even though people are excited about the 2024 halving, there are risks. Cryptocurrency markets are not always stable, and many things can influence prices. Economic changes, new technology problems, and even world events can impact the market. People should be careful and do their research before deciding to invest, especially because the crypto market can be unpredictable.
Bitcoin’s Price Prediction
Many Bitcoin price guesses surround the market right now. Let me point down some of the big head’s predictions. Standard Chartered, a prominent British bank, predicts Bitcoin (BTC) will hit $100,000 to $120,000 by the close of 2024. Paolo Ardoino, Tether’s CTO, suggests BTC may retest its peak of around $69,000. Former Coinbase technology chief, Balaji Srinivasan, bets that BTC could surpass $1 million within 90 days.
How to benefit from Bitcoin Halving?
With the upcoming Bitcoin halving in 2024, a significant influx of funds is expected in the crypto market. So, now is a perfect time to consider launching your crypto exchange. But, choosing a reliable Crypto Exchange Development Company is important for success in this world, given the growing interest in cryptocurrency trading.
End Words
As we look forward to the Bitcoin Halving in 2024, there’s a lot of excitement in the crypto world. The patterns from previous halving events, the balance between supply and demand, and the changing use of technology and big companies suggest that the 2024 halving could be a significant moment for cryptocurrencies. Even though everyone is excited about the 2024 halving, it’s essential to be careful. The crypto market can be unpredictable, and it’s important to remember the risks involved.
