Bitcoin halving price prediction; With the Bitcoin halving event just around the corner, crypto enthusiasts, particularly Bitcoin holders, appeared more bullish than ever before as they anticipated an unprecedented surge in BTC’s value following the highly anticipated event.
Previous halving events in 2012, 2016, and 2020 all elicited bull market runs, and it is a common belief that next year’s halving should not be an exception.
However, while it does not seem out of place to be highly optimistic with the halving event in view, some factors should be considered before placing so much hope on the prospect of the event.
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Before highlighting some of these significant factors, it is worth mentioning that the next BTC halving is programmed to play out in April 2024.
On the other hand, TimesTabloid has published a well-drafted article on all you need to know about Bitcoin halving. You can read it up to be well-informed about what the event is all about.
Effect Of BTC’s Rising Interest Rate On Demand and Supply, Bitcoin halving price prediction
The idea behind every Bitcoin halving event has often centered on inducing scarcity. How does the halving show cause want? This is achieved by slashing the supply rate of new BTCs by half, which makes BTC more of a deflationary and risky asset.
All of the aforementioned would invariably increase BTC’s demand by making the coin more attractive to potential investors and scarce.
It is worth noting that with lower interest rates, more spending would be elicited, thereby increasing demand. However, this is not the case for BTC, as the coin seemed to be rewarding holders with rising interest rates, which might not be all that good for the coin’s supply and demand curve in the long run.
History Of Past Bitcoin Halving Events
The last halving event went live around May 2020, and it saw BTC surge to an all-time high (ATH) of $68,790 in November 2021.
Similar remarkable price highs occurred in other past events, particularly in 2012 and 2016. However, the 2020 show seemed to be attracting significant attention as it was deemed to have catalyzed BTC’s ATH.
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Outcome Of Litecoin Halving Events
Litecoin, just like Bitcoin, is another proof-of-work cryptocurrency. It has held three halving events in the past with no spectacular changes in the coin’s price.
Litecoin halving events in the past happened in 2015 and 2019. The most recent one went live this year in August, and the token is still down by 9% for the year.
In summary, there is no assurance that every BTC halving automatically translates to any peculiar price surge. Investors and crypto enthusiasts should take every price prediction cautiously while we await the principal occasion.
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