Bitcoin halving: price increase after event

Bitcoin halving: price increase after event

The long-awaited Bitcoin halving was successfully completed, resulting in a strong upward trend for the cryptocurrency. In this event, which triggers every 210,000 new blocks on the Bitcoin blockchain, the reward for mining Bitcoins was reduced by half. This marks the fourth halving in Bitcoin's history, meaning miners will now only receive 3,125 BTC per newly minted block.

Last Friday, the 840,000 block was added to the Bitcoin blockchain, resulting in a temporary increase in the Bitcoin price of 2.2 percent to $65,181.97. Before the halving, Bitcoin was on an impressive upward trend, up 52.05 percent year-to-date and up 134.21 percent over the last twelve months. The preliminary peak was reached on March 13, 2024, when Bitcoin recorded a new record high of $73,558.81.

The past shows that the halving could have a positive effect on the Bitcoin price in the long term. There have been significant price increases following previous halvings, such as after the 2016 halving, when the price rose from $650.53 to $2,518.44. The next halving is expected to take place in 2028, with the block reward halving again to reach the maximum amount of 21 million Bitcoins.

Experts have made various predictions for the Bitcoin price after the halving. While some see a mark of $75,000 to $100,000, more optimistic estimates of up to $500,000 per coin are being discussed. The future of the Bitcoin price remains uncertain, and analysts and investors are closely following developments in the crypto market.