InfoQuest – Bitcoin Continues to Recover It recently crossed the 65,000 level ahead of Bitcoin's halving event, which is expected to come within 10 hours.
Bitcoin rose 2.4% to $65,056.60 in trading on Coinbase (NASDAQ: ) as of 8:46 p.m. local time.
Cryptocurrency market websites are counting down the days until the Bitcoin halving, with the latest information from most websites indicating that the Bitcoin halving is less than 10 hours away.
The Bitcoin halving is an event that occurs every four years that halves the Bitcoin block, cutting the rate of new Bitcoin creation in half. While reducing the rewards given to Bitcoin miners. To maintain balance between supply and demand of Bitcoin in the market.
Bitcoin Halving has happened three times in the past and each time it took Bitcoin to new highs. Investors around the world are watching Bitcoin halve this week, the fourth time such an event has occurred.
Previous bitcoin halvings in 2012, 2016, and 2020 were all followed by bitcoin price rallies afterward.
Bitcoin approaches $69,000 in November 2021. Bitcoin returned to the $20,000 level in late 2017 after settling at just $650 before the 2016 Bitcoin halving, after correcting to around $8,800 before and after the halving in 2020.
Also, Bitcoin hit an all-time high of $73,798 on March 14, 2024, surpassing the $68,990 set in November 2021.
Bitcoin rallied 157% in 2023 and is now up almost 50% since the start of 2024.
“The market experienced a supply shock because the supply of Bitcoin has only halved. When you enter the market on a supply-demand basis you have less supply. Even if the demand remains the same, prices will start to rise,” said Will Clements, founder of Reflexivity Research.
Analysts at Bitfinex predict that the price of Bitcoin will rise by 160% in the 12-14 months after this year's Bitcoin Halving, which will take Bitcoin to an all-time high above $150,000.
Griffon Digital Mining, a Bitcoin mining company, expects Bitcoin to cross $100,000 this year. There is also a possibility of going above $150,000.
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