Crypto community begins Bitcoin halving countdown as milestone date nears

At the next halving event scheduled for April 2024, the Bitcoin mining reward will reduce from the current 6.25 BTC per block to 3.125 BTC per block.

Historically, the Bitcoin halving is linked to bullish momentum for the BTC price due to supply and demand dynamics. The halving of new supply amid growing demand usually pushes the BTC price to new highs in the months following the halving.

Two months prior to the last halving event in May 2020, the Bitcoin price was trading at less than $10,000. As the event drew closer, bullish momentum saw BTC’s price surpass the previous cycle’s all-time high of around $17,000. After the halving, the BTC price broke into parabolic momentum and created an all-time high of almost $69,000.

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Nov-21-2023 10:18:45 AM