Bitcoin (BTC) stands out as the leading cryptocurrency in the market, and its unique halving system stimulates an increase in market interest. BTC's halving is an event that takes place every 4 years where miners receive the same rewards for solving cryptographic math problems but at half their original amount. This phenomenon is often greeted with market optimism due to its bullish implications for the digital asset. A recent Bloomberg Intelligence report indicated that Bitcoin could rally beyond the $50,000 mark in the near future due to the upcoming halving event. Experts anticipate that the Bitcoin price could grow by over 80% as the halving approaches its April 2024 date, along with a further potential increase during the following accumulation period. In order to accurately predict the effect of the halving, it is important to consider the evolution of the Bitcoin network since past cycles. The market has advanced significantly, with more investors and competition from other digital assets. With this in mind, analysts believe that the success of the halving cannot be solely relied upon to reach the same level of growth as previous cycles, yet still suggest achieving a new all-time high in the future.
Leonardo Cox
- 2023-04-24
How Will Bitcoin's Price Rally After Its halving?
Bitcoin's upcoming halving has created a buzz of excitement in the market, but what does the phenomenon entail and what can investors expect for BTC's price in the near future? We look at the evolution of the Bitcoin network and provide insights from Bloomberg Intelligence and analysts around the world.
