#BitcoinHalving and rise of Bitcoin to its ATH
Source: Business Week 17th March, 2024 Edition
The Bitcoin halving is another event that is generating a lot of excitement. It takes place every four years when the reward for Bitcoin mining is reduced by half. The purpose is to limit supply, so when the reward decreases, it positively impacts prices. There will only be 21 million Bitcoins, and nearly 19 million have already been mined.
Historically, halvings have driven Bitcoin prices to new highs.
The first halving took place in November 2012, and in just over a year, the value of Bitcoin surged from $13 to $1,152 by December 2013.
The second halving occurred in July 2016, leading again to a significant increase in Bitcoin price—from $664 to $17,760 by December 2017.
The third halving took place in May 2020, and the price of Bitcoin rose from $9,734 to $68,789 by November 2021, reaching its peak one year and six months after the halving, explains Ryan Lee, Chief Analyst at Bitget Research, which looks at cryptocurrencies.
“The fourth halving will occur in April 2024. It is expected that the price of Bitcoin will rise and peak one year and five months after the halving. A similar trend has been observed with the previous three halvings, with prices increasing over time to hit a new all-time high,” says Lee.
“There are approximately 60 days until the Bitcoin halving in April 2024, which could potentially push the cryptocurrency market to new highs,” says Shivram Thakral, CEO of digital asset exchange BuyUcoin.
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