Today marks a milestone in the digital asset space with the eagerly awaited Bitcoin Halving Event officially occurring. This significant event, which happens roughly every four years, has seen the circulating supply of Bitcoin cut in half.
The much-anticipated countdown concluded, and on Friday, April 19th, the crypto community witnessed the fourth halving event in Bitcoin’s history. This process is designed to reduce the rate at which new bitcoins are created, aiming to mimic the scarcity and value retention similar to gold.
Now, everyone including traders and investors are watching to see the effect this development will have on Bitcoin’s price. Furthermore, its importance in relation to the entire market suggests the event will significantly influence the whole crypto industry. Only the upcoming time will reveal its true impact.
The Arrival of the Fourth Historic Bitcoin Halving
Every four years, the digital asset market undergoes one of its most significant events. This pivotal moment first occurred in 2012, repeated itself in 2016, and happened once more in 2020. With each occurrence, the cryptocurrency industry has responded with significant enthusiasm and speculative activity, indicating the event’s profound impact on market dynamics.
As history has shown, we can expect this cycle’s next iteration to similarly stir the cryptocurrency market, further underscoring its importance to both investors and enthusiasts within the digital asset space.
The financial sector, which had been eagerly awaiting this moment for the first few months of 2024, has finally seen it happen. The Bitcoin Halving event took place on Friday, April 19th, as officially scheduled.
Now, many crypto investors and traders are now poised to closely monitor the potential impacts this event may have on the market. Moreover, the Bitcoin halving event has sparked diverse opinions across the industry regarding its potential impact.
Kris Marszalek, CEO of Crypto.com, predicted a lackluster situation following the halving. Nonetheless, he also anticipated significant performance improvement in the upcoming six months.
How High Will Bitcoin Go After Halving Event?
It’s no secret that the Bitcoin halving event has a profound effect on Bitcoin’s price as evidenced by its previous occurrences. During the first, second, and third halving event, Bitcoin saw a remarkable increase in price, and it’s expected that history will repeat itself.
With these past performances in mind, it’s natural to wonder how high Bitcoin will go after the halving event in 2024. According to our technical analysis and market trend, Bitcoin has the potential to reach a maximum price of $1,07,857.66, with an average price of $89,319.62. However, if there is any negative news surrounding the crypto market, BTC will drop to the minimum level of $80,893.24 by the end of 2024.
Disclaimer: The information in this article should not be considered anything as financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please consult with a financial advisor before making any investment decisions.