Bitcoin’s price is expected to change with the halving event in 2024. Right now, Bitcoin costs $61,564.64. Its market value is huge, at $1,216,897,244,728.49. The trading volume is $30,580,913,199.0285.
There are 19,766,171.00 Bitcoins in circulation. The highest price Bitcoin ever hit was $68,789.63 on Nov 10, 2021.
Experts think the halving event could make Bitcoin’s price go up. They point to past times when Bitcoin’s price grew a lot after halving. Some say Bitcoin could hit $100,000 after reaching its all-time high again. Others predict it could go as high as $347,782 by 2030.
Even with recent drops, Bitcoin is expected to go up. It might hit $66,726.25 by the end of October. It could also find support at $60,178.50.
The Bitcoin halving in 2024 is a big deal. It could change Bitcoin’s price and market trends a lot. Everyone is watching to see how it will affect Bitcoin’s value and the crypto world.
Bitcoin Halving Overview and Historical Impact
Bitcoin halving happens every four years. It’s key to keeping Bitcoin’s value high. It makes sure there’s not too much Bitcoin out there.
What is Bitcoin Halving?
Bitcoin halving cuts the rewards for miners in half. It happens every 210,000 blocks, or about four years. Here’s when it happens:
- First halving: November 28, 2012
- Second halving: July 9, 2016
- Third halving: May 11, 2020
- Fourth halving: Estimated for May 2024
Each halving makes mining harder and slows down new Bitcoins. We’ll reach 21 million Bitcoins by 2140.
Historical Bitcoin Price Performance After Halving Events
Bitcoin’s price goes up after halving. Here’s how it’s changed:
| Halving Event | Price Before Halving | Price 1 Year After Halving | Percentage Increase |
|---|---|---|---|
| First Halving (2012) | $12 | $1,075 | 8,858% |
| Second Halving (2016) | $650 | $2,560 | 294% |
| Third Halving (2020) | $8,727 | $55,847 | 540% |
Prices go up because there’s less Bitcoin and more people want it. Halving affects miners, investors, and the whole crypto world.
As we count down to the next halving, think about how it might affect prices and mining. Past results don’t predict the future, but knowing about halving helps us guess what might happen next.
Current Market Sentiment and Factors Influencing Bitcoin Price
As the Bitcoin halving event gets closer, everyone is watching the market. They want to know the latest news and updates. This is because many are curious about how the halving will change Bitcoin’s price and mining.
Market Accumulation and Sideways Price Action
Recently, Bitcoin’s price has been staying around $60,000. This is seen as a sign of people buying more without raising the price much. History shows that times like this often lead to big price changes.
U.S. Election Uncertainty and Its Impact on Bitcoin
The U.S. presidential election is causing uncertainty in the Bitcoin market. Donald Trump, the Republican candidate, is seen as friendly to crypto. On the other hand, the Democrats are not as supportive. A Republican win might make Bitcoin’s price go up.
Rising U.S. Treasury Yields and Bitcoin Price Correlation
U.S. Treasury yields are going up, and so is the S&P 500 index. This makes the U.S. dollar stronger, which is hard on Bitcoin’s price. But, more Bitcoin is coming to Coinbase, showing demand is still there.
| Factor | Impact on Bitcoin Price |
|---|---|
| Bitcoin Halving | Potential price increase due to reduced supply and increased mining difficulty |
| U.S. Election Uncertainty | Republican victory could boost price, while Democratic win may lead to market uncertainty |
| Rising U.S. Treasury Yields | Higher yields may attract capital away from cryptocurrencies, putting pressure on Bitcoin’s price |
As the Bitcoin halving event gets closer, it’s important to keep up with news. This helps investors make smart choices. Speculation about the halving’s effects is common, but it’s key to think long-term.
Bitcoin Halving Event Forecast
The next Bitcoin halving event is making everyone excited. People are talking about how it might change Bitcoin’s price. They’re sharing ideas on Reddit, Twitter, and YouTube.
Potential Price Targets for Bitcoin Post-Halving
Most of 2024 has seen Bitcoin’s price go up. People think it might hit $72,000 soon. They also think it could stay above $62,000.
Some say Bitcoin’s price could go up to $67,168 by October 21, 2024. Others think it might even reach $127,425 by October 2025.
Bullish and Bearish Scenarios for Bitcoin Price
2024 might be a good year for Bitcoin. It could go as high as $100,000 or as low as $46,146.75. To be bullish, it needs to stay above $69,000.
If it breaks through $69,000, it could reach $100,000. But if it doesn’t, it might go back down.
Long-Term Bitcoin Price Predictions (2025-2030)
By 2030, Bitcoin’s price could soar to $347,782. Blockware Solutions thinks it might even hit $400,000. Robert Kiyosaki believes it will cross $100,000 this year.
Adam Back thinks Bitcoin will go even higher. As the halving event nears, everyone is hopeful. They’re waiting to see how it affects Bitcoin’s price.