The Actual Bitcoin Party Will Start in 2024, Here’s Why
In the first month of 2023, there were some very strong bullish signals for Bitcoin. Following the FTX crash, the cryptocurrency market saw some big gains after being stuck in a bear market for a while. For example, in January, Bitcoin increased from $16.5k to $23.1k. Now that February has begun, it is only natural that the first week has experienced a little decline.
However, one of the events that many analysts and traders believe might significantly “push” the price of Bitcoin is the next halving event for the leading digital currency, which is scheduled for 2024.
Every four years, the mining benefits are cut in half; in 2024, the miner payout will be 3.125 BTC. The halving event raises the price of Bitcoin since it results in a reduction in the number of Bitcoins in circulation.
The fourth protocol-designed 50% reduction in block rewards for Bitcoin occurs every 210,000 blocks or roughly every four years. When Bitcoin reaches 840,000 blocks, which is expected to happen around May 4, 2024, the second halving event will take place.
Investors have historically flocked in before each Halving event because they expect the price of BTC to climb. In fact, there is a well-known idea that the Bitcoin Halving event is a trigger for the crypto bull run cycles.
PlanB, a cryptocurrency trading specialist, stated in October that “the second Bitcoin halving is coming, and IMO it will (again) pump BTC,” while posting a chart analysis of the DeFi asset’s historical price movements and forecasts for the future.
Josh Rager, a trader, and analyst of cryptocurrencies, also projected a significant increase in the price of Bitcoin following its halving in 2024. “The real party won’t start until 2024,” according to Rager.