The Ultimate Guide to Bitcoin Halving in 2024

What do you need to know about Bitcoin halving in 2024?

The Bitcoin halving event has always been important as it impacts the entire cryptocurrency space. Since the last halving, not only the price of Bitcoin but also the prices of altcoins have surged. The logic behind the market speculation surrounding the halving event is the scarcity of Bitcoin and its impact on the cryptocurrency space.

Simply put, after Bitcoin halving, demand increases because Bitcoin rewards are reduced, which affects the supply of new Bitcoins in the market. The gap between supply and demand ultimately causes the price of Bitcoin to rise. Conversely, the prices of altcoins also rise, and due to the rise in Bitcoin prices, many investors choose altcoins such as Ethereum Classic, Dogecoin, etc.

The current block reward for Bitcoin mining is 6.25 BTC. At the Bitcoin halving event scheduled for April 2024, it will be reduced to 3.125 BTC. Miners may need to fine-tune their mining operations to keep mining profitable. As a result, you may need advanced mining hardware that is powerful and energy efficient.

Therefore, with all attention focused on the Bitcoin halving in 2024, investors and miners will have to wait and see. Experts highly recommend making important financial decisions with proper research rather than making assumptions to avoid potential losses.

When is the next Bitcoin halving in 2024?

The next Bitcoin halving event is expected to occur in early 2024, possibly in April. However, no one can predict the exact date because it depends on the block height. Therefore, experts say it is safe to assume that Bitcoin halvings occur every 210,000 blocks. The next Bitcoin halving is expected to occur when the block height reaches 840,000, which will be around April 2024.

The chart below shows past Bitcoin halving events. The chart clearly shows that Bitcoin price is higher after halving.

Source: CoinCode

What is the expected price of Bitcoin after the halving in 2024?

Unlike 2022, 2023 was a really good year for all cryptocurrencies, especially Bitcoin. As the Bitcoin halving approaches, the Bitcoin price is $48,002.90 as of February 12, 2024. This signals a positive sign and cryptocurrency enthusiasts are looking forward to a good price increase. For Bitcoin. It is more likely that the Bitcoin price will reach up to $50,000.

Forbes said that Bitcoin’s price history shows that the price has always risen since the halving events in 2012, 2016, and 2020. Therefore, the Bitcoin price is expected to rise significantly in the months following the halving.

What will happen to cryptocurrency in 2024?

Bitcoin halving is an important event that attracts attention not only to Bitcoin but also to the entire cryptocurrency market. For example, investors and cryptocurrency enthusiasts often become more interested in the cryptocurrency market due to sudden price increases of cryptocurrencies.

Simply put, many cryptocurrency enthusiasts prefer altcoins because of the reduced Bitcoin mining rewards. Moreover, investors are choosing altcoins because Bitcoin prices have become unaffordable. Conversely, some miners choose to mine altcoins as they offer more rewards.

Will BTC rise after the halving?

Some cryptocurrency experts say the price of Bitcoin will rise, while others argue that the price may fall. With so much speculation, it’s easy for investors to get confused. Therefore, analyzing past Bitcoin halving trends can give you a clear picture.

Let’s take a look at Bitcoin halving events that have occurred in the past and the Bitcoin price before and after the event.

As the table shows, the Bitcoin price before the halving event is low compared to the price during the event. Therefore, it is very optimistic to acquire some Bitcoin before the halving event as the price tends to rise after the halving event.

However, these halving events cannot be completely trusted as market trends change and only three halving events have occurred so far. Investors should do their research and study the market thoroughly before making any decisions.

How soon will Bitcoin reach its peak after the halving?

First, let’s understand the logic of Bitcoin halving and its impact on Bitcoin price. During a Bitcoin halving, the price of Bitcoin rises due to limited Bitcoin supply as mining rewards are reduced. Due to limited supply, demand for Bitcoin tends to increase, pushing the price higher. In other words, the gap between supply and demand leads to an increase in the price of Bitcoin after the halving.

Now let’s analyze previous Bitcoin halving events to better understand when the Bitcoin price reached its peak. According to Coinmarketcap, the highest Bitcoin price occurred approximately 18 months after each Bitcoin halving. Since only three Bitcoin halvings have occurred so far, and many other complex factors influence the Bitcoin price, investors should not blindly follow previous halving data. Experts suggest investors research the market before investing in cryptocurrency.

Will Bitcoin Price Fall After Halving?

There has always been speculation and anticipation among cryptocurrency enthusiasts regarding the Bitcoin halving event. They continuously analyze the halving event and predict the possible Bitcoin price during and after it.

In most cases, declining Bitcoin rewards and limited supply have increased Bitcoin demand, driving up its price. However, sometimes the price of Bitcoin falls temporarily. Therefore, predicting the actual impact of a halving event on the price of Bitcoin is both complex and tedious. It depends on factors such as market sentiment, economic conditions, investment behavior, regulatory issues, etc., for example.

Cryptocurrency markets were very volatile during the Bitcoin halving period, but price increases or decreases are not guaranteed. Therefore, investors and miners need to study historical data and market trends to understand the behavior of Bitcoin price during the halving. However, there are no guaranteed results. Investors must therefore research and consider relevant aspects and seek professional advice before making any investment decision.

Is Bitcoin Halving Bullish or Bearish?

That’s the million dollar question. Let’s hear the opinions of experts. Many cryptocurrency experts and executives attended Binance Blockchain Week held in Istanbul in November 2023. Crypto Potato interviewed many experts and attendees graced the event with their views on whether Bitcoin halving would be bullish or bearish.

Richard Teng, Binance’s head of regional markets, said the launch of a spot BTC ETF in the US and the upcoming Bitcoin halving event will trigger a bull market for the cryptocurrency asset in 2024. Eowyn Chen, CEO of Trust Wallet, also agreed to the launch. The BTC ETF spot and the Bitcoin halving will result in higher prices for the digital asset in the coming year. However, Chen added that this may not be a very high bull market, but it would be good enough.

Seongyeom of blockchain protocol Contentos attended this event and gave a very optimistic outlook for next year. Esra Kahraman, Marketing Manager at BTCHaber, asked investors to be cautious and wait a little longer to witness a Bitcoin bull market.

Therefore, the cryptocurrency market and Bitcoin ​​halving event in 2024 look positive. But you have to wait.

Should you buy Bitcoin before or after the halving?

Predicting the best time to buy Bitcoin is not simple as it depends on various factors such as risk tolerance, market trends, investment portfolio, etc. However, if we analyze previous halving events, prices tend to rise 18 months after the halving. Half-life event. Therefore, many market observers recommend buying Bitcoin six months before the halving. However, past history and trends cannot predict the future. Therefore, investors should play it safe and take calculated risks.

How many Bitcoin halvings will there be?

There will be 32 Bitcoin halvings. Approximately three half-lives have been completed, with 29 more half-lives remaining.

Bitcoin’s supply is limited to 21 million BTC, with 19.22 million already in circulation. Once all 21 million BTC have been mined, miners can no longer rely solely on transaction fees to receive block rewards. By the upcoming Bitcoin halving in 2024, approximately 93.7% of the total Bitcoin supply will have been mined.

bitcoin inflation rate

With each halving, Bitcoin’s inflation rate decreases significantly. The chart below shows trends in Bitcoin supply (orange) and annual inflation rate (blue) based on the Bitcoin protocol.