Bitcoin Halving in April 2024 Could Extend Bullish Trends, Says Top Analyst

Bitcoin Halving in April 2024 Could Extend Bullish Trends, Says Top Analyst

In a tweet, the analyst pointed out that Bitcoin’s design revolves around four-year cycles, influenced by its halving events, and frequently reflects its . He noted that historically, this pattern translates to three years of bullish trends followed by one year of bearish correction. According to Martinez, based on this cycle, BTC is currently in an upward phase, with the potential for extension until December 2025.

On May 11, 2020, the most recent Bitcoin halving occurred, leading to a substantial decrease in mining rewards, from 12.5 coins per block to 6.25 coins. As expected, the constrained supply contributed to a . Bitcoin’s value climbed from $6,877 on April 11, one month before the halving, to $8,821 during the event. Following the event, despite notable fluctuations, the price continued to ascend over the subsequent year, reaching $49,504 on May 11, 2021.

As of the latest , the current price of Bitcoin stands at $42,831. While experiencing a marginal 0.22% dip in the last 24 hours, the digital asset has demonstrated an overall positive trend, boasting an 11.89% increase in the last 30 days. Investors and analysts alike are closely monitoring these developments as they anticipate the potential bullish momentum that the upcoming Bitcoin halving event could bring to the cryptocurrency market.

This article was originally published on U.Today

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