Bitcoin (BTC) is on course to break new all-time highs, thanks to its meeting the classic expectations of the halving cycle. Data from on-chain analytics firm Glassnode backs this up, as BTC/USD up over 70% in the year-to-date and far from its $15,600 lows seen in November 2022, signaling the beginning of a new bull run.

When it comes to the next halving, set to take place in 2024, this will reduce the amount of BTC miners “mint” per block from 6.25 BTC to 3.125 BTC. This decrease in emission has a strong correlation with past halvings and the improvement in Bitcoin price that followed. Indeed, Glassnode's figures show the current halving cycle has been running similarly to that seen in previous ones.

Recognizing the link between Bitcoin's price action and the halving, speculation is rife that the event will act as a catalyst for Bitcoin skyrocketing to all-time highs. This thesis is echoed by Ecoinometrics' data, with its research concluding that new highs could be reached at some point, provided a macroeconomic recession doesn't interfere with the roadmap.

This view is shared by Filbfilb, co-founder of trading suite Decentrader, who maintains an $180,000 per BTC all-time high could be reached by 2025. However, he acknowledged that the bigger the Bitcoin price gets, the smaller the percentage gains will be per halving cycle.

Overall, the evidence for BTC successfully achieving yet another new all-time high is building, although the heightened possibility of a macroeconomic recession complicates thepicture somewhat. With Bitcoin and the crypto market as a whole expecting a block reward reduction in 2024 it's no wonder attention is set to be focused on the event, as price alludes to the expectation of a breakout.



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