Bitcoin Halving Event: Price Drops 56% on Weekly, Halving Set for 2024
Bitcoin Price Fluctuates Ahead of Halving Event
The price of Bitcoin (BTC) has taken a significant dip on the weekly chart, falling by 56%. This decline coincides with the upcoming halving event, scheduled to occur between May 29-31, 2024, in Austin, Texas. The event will witness the reduction of block rewards for miners from 6.25 BTC to 3.125 BTC.
Halving's Significance for Bitcoin
The Bitcoin halving is a pre-programmed event that occurs every four years. It reduces the number of new bitcoins created and issued into circulation. This scarcity is expected to have a positive impact on the price of Bitcoin in the long run.
The upcoming halving in 2024 is particularly significant as it will mark the end of the third halving cycle. Historically, Bitcoin prices have experienced significant rallies following halving events.
Experts Predict Price Surge
Industry experts are optimistic about the potential impact of the 2024 halving on Bitcoin's price. Michael Novogratz, CEO of Galaxy Digital, has predicted that Bitcoin could reach $150,000 by April following the halving.
In April 2024, the issuance of new bitcoins will fall to 450 coins, representing approximately $27 million worth of Bitcoin. This reduced supply is expected to drive up demand and potentially lead to a price increase.
Comments