The Bitcoin Revolution – What Will the Upcoming Halving Event Bring?
Bitcoin (BTC) Gains in Value – Halving Event Approaching
The past week has brought significant gains to Bitcoin (BTC) investors, as the cryptocurrency surged by an impressive 9.34% and was trading above $71,000, according to CoinMarketCap data. Currently, most of the BTC market is optimistic, expecting potential major price increases that the current bullish cycle may bring.
Halving Event – Key Moment of the Bullish Cycle
Hunter Horsley, CEO of Bitwise, believes that the upcoming halving event has the potential to be the most significant moment in Bitcoin trading history. Halving, which is the halving of the mining reward for miners for creating new blocks, could cause a significant reduction in the token’s supply, thus having a substantial impact on the cryptocurrency’s price.
Effects of the Bitcoin Halving in April 2024
According to experts, the Bitcoin halving event scheduled for April 2024 could have the most profound supply and demand effects in the history of this digital currency. The previous Halving, which took place in 2020, resulted in a significant decrease in Bitcoin’s supply – estimated at around $9 million per day and $3 billion annually.
Projected Supply Decrease and Price Increase
At the current Bitcoin price of around $70,000, the expected supply decrease could be at least three times higher in dollars. According to Hunter Horsley, the estimated daily supply decrease will be around $32 million and a whopping $11 billion annually. Experts predict that the anticipated significant supply decrease will coincide with increased institutional demand, potentially leading to a significant increase in Bitcoin’s price.
Bitcoin – Current Market Situation
Currently, the price of one Bitcoin unit is approximately $70,000, with a recorded loss of 0.65% in the last 24 hours. However, compared to last month, this cryptocurrency has gained an impressive 10.45%. Market trading volume has reached $24.67 billion. With a market worth of $1.1 trillion, Bitcoin is presently the largest cryptocurrency in the world.
