With a mere 19 days left until Bitcoin’s fourth halving, the crypto market seems to be treading water. However, history paints a fascinating picture: after each halving, Bitcoin’s value has soared, sometimes by as much as 8,000%.
Renowned crypto guru EvanLuthra.eth recently shed light on Bitcoin’s performance post-halving. These events, which slash the rate of new Bitcoin creation, are pivotal in maintaining Bitcoin’s scarcity and long-term value.
Since its inception in 2009, Bitcoin has undergone three halvings, each triggering substantial price hikes.
On November 28, 2012, the inaugural halving took place, cutting the new Bitcoin creation rate from 50 to 25 BTC. Almost magically, Bitcoin’s value skyrocketed from a modest $12 to an astounding $1,000 within just a year—an incredible surge of 8,000%.
Fast forward to July 9, 2016, the second halving occurred, reducing the creation rate from 25 to 12.5 BTC. Once again, Bitcoin’s price surged from $660 to over $17,000 in a mere 18 months—a remarkable leap of 3,000%.
On May 11, 2020, the third halving further slashed the creation rate to 6.25 BTC. Despite economic turbulence, Bitcoin’s value climbed from around $8,600 to over $67,000 within a year—an impressive gain of 800%.
Also Read: Bitcoin Halving Prediction: Bullish April Ahead for BTC Price!
As the countdown to April 20, 2024, continues, anticipation is palpable among crypto enthusiasts and investors. The impending halving will reduce the creation rate yet again, from 6.25 BTC to 3.125 BTC, potentially sparking another seismic shift in the market. However, the current maturity of the crypto landscape adds an element of unpredictability.
What Lies Ahead?
Despite uncertainties, speculation abounds regarding Bitcoin’s post-halving performance and its impact on other cryptocurrencies. The anticipated decrease in new Bitcoin creation, from 900 BTC to approximately 450 BTC per day, could trigger scarcity, driving up demand and prices.
As the clock ticks down, investors remain vigilant, poised to seize opportunities.
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