In their latest market analysis, Galaxy Digital’s team, led by billionaire Mike Novogratz, points out that the approaching Bitcoin halving is distinct from past occurrences.
In past bitcoin market cycles, reaching new record highs following a halving event was typical. But contrastingly, this occurrence did not materialize during the most recent cycle.
On March 14, Bitcoin, the most significant digital currency globally, hit an all-time record of $73,737. However, it has since dropped by approximately 5.9%, just before the scheduled halving event that was due to take place eight days later.
Miners will see a decrease in the reward they receive for each new block mined, going from 6.25 Bitcoins to 3.125 Bitcoins, starting on April 19th.
In May 2020, the largest cryptocurrency was priced around $9,000 during its last halving event. However, it didn’t hit its peak from the previous bull market until November 2021, when its value reached an all-time high of nearly $69,000.
This time, the market conditions could vary because Bitcoin ETFs were introduced successfully in January. As stated by Coinbase, these ETFs serve as a “new foundation for interest.”
Despite the limited historical data from past bitcoin halvings, many industry experts remain optimistic and believe Bitcoin will hit new peaks this coming event.
According to a report from U.Today, Brad Garlinghouse, the CEO of Ripple, has forecasted a potential Bitcoin price tag of $5 trillion by the end of this year.
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2024-04-10 23:25