The highly anticipated Bitcoin halving event, scheduled for April 2024, has created a buzz in the crypto community. Many analysts and investors have predicted that before the Bitcoin halving, which occurs approximately every four years, the price of BTC would enter a period of consolidation. Credible Crypto analyst’s expectations suggest that the price of Bitcoin will be between $20,000 and $40,000 for about 12 months.
A Bitcoin halving occurs when the reward for mining new blocks is halved. Miners receive 50% less bitcoins to verify transactions. This happens approximately every four years until a total of 21 million bitcoins are generated.
Expectations: “The Bitcoin halving is in April 2024. Expect $BTC go aside between 20 and 40,000 for about 12 months, which is when we accumulate as much bitcoin as possible. Once the halving is reached, we begin our next bull run at 100,000+ to 2025. WAGMI.
Reality: BTC is creating a new ATH…
— CrediBULL Crypto (@CredibleCrypto) June 3, 2023
The next Bitcoin halving is expected to take place in April 2024, around the time the block count reaches 740,000. At that point, the block reward will increase from 6.25 bitcoins to 3.125 bitcoins. The exact date of the halving is not known as block generation time can vary, but on average a new block is generated every ten minutes.
Contrary to these expectations, the year 2023 has seen a remarkable turn of events in the Bitcoin market. Instead of entering a sideways trend, Bitcoin had a remarkable run in early 2023. The coin has seen a notable rise since December 31st, marking a partial recovery from the major decline it faced in 2022. However, currently the token is facing challenges. as its value hovers around $30,000.