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Polskie Stowarzyszenie Bitcoin

“2024: What Will Bitcoin Halving Bring for the Cryptocurrency Market?”


Bitcoin Halving – a Significant Moment for the Cryptocurrency Market in 2024

Bitcoin Halving is an event that occurs every four years and involves reducing the reward that miners receive for mining new blocks in the Bitcoin network. Subsequent halvings are of great importance to the entire cryptocurrency market, and according to forecasts, in 2024, this event is expected to once again attract significant interest from investors.

Previous Bitcoin Halvings

The three previous Bitcoin halvings took place in 2012, 2016, and 2020. The first halving reduced the miner rewards from 50 BTC to 25 BTC, the second from 25 BTC to 12.5 BTC, and the last, which occurred on May 11, 2020, to 6.25 BTC. Each of these events influenced the cryptocurrency market, generating price increases but also declines.

Steno Research Forecasts for the Upcoming Halving

Analysts at Steno Research suggest that the upcoming Bitcoin halving may bring similar effects to those observed after the previous halvings. There is an expectation that the price of Bitcoin may rise before the event itself, but after the halving, it may drop below the pre-change miner reward level.

According to Steno Research analysis, the price of Bitcoin may remain below the pre-halving level for the first 90 days after the reward change, specifically 8.4% lower. Currently, Bitcoin mining rewards are at an all-time high, which may prompt miners to gradually sell the cryptocurrencies they hold, leading to price corrections over time.

Halving as a Growth Catalyst

Bitcoin Halving is seen as a moment when the selling pressure from miners decreases, often becoming a catalyst for the price growth of this cryptocurrency. Following the reward change, increased interest and growth are expected within the broader Web3 ecosystem.

Current Bitcoin Price

Currently, the price of Bitcoin stands at $71,563, recording a 3.8% increase in the last 24 hours. This is just one of many price changes that may occur in the cryptocurrency market, especially in the context of the upcoming Bitcoin halving in 2024.

Source: https://steno-research.com