The long-awaited halving process took place on the night of Friday April 19 to Saturday April 20. Does this herald the start of a new cycle?
Bitcoin has been on the rise for over a year now, to the point of having even exceeded its highest level of the previous cycle, going well beyond the $70,000 mark. An unprecedented event in the history of this cryptocurrency, whose improvement usually begins at the time of the famous halving, which takes place every four years, and which reduces the rewards of bitcoin miners by half. And this is the event that took place last night!
The fourth halving in history
The story of Bitcoin is “simple”, some might say. Every four years, the miners’ rewards are halved, during the halving, which then launches the start of an improvement of approximately one year in the price of the currency (bull market) before a collapse.
This is in any case what happened during the first three halvings, in 2012, 2016 and 2020 – even if we must always remember, as the established formula indicates, that past performances do not prejudge future performance. With this fourth halving, the reward for each mined block increases to 3,125 bitcoins.
A bitcoin at $100,000 in 2024?
Even though the last bitcoin will see the light of day in 2140, more than 19 of the 21 million bitcoins initially planned by Satoshi Nakamoto have now been created. There are therefore not many new units left that will be able to arrive on the market, with the added bonus of the energy cost of mining being automatically multiplied by two after halving.
Many analysts see bitcoin continuing its growth, despite the anomaly of surpassing the previous cycle’s record before the halving. Asked by The echoesthe boss of the mining company StartMining Saimi Barragan believes that “ Bitcoin will be at $100,000 or more at the end of 2024. The price usually increases within sixty or ninety days after the halving. » Will the scenario be respected?
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