Bitcoin halving in 2024 has happened; what comes next?

It wasn’t as meteoric as previous “halving” cycles, the most anticipated event of the year didn’t significantly improve Bitcoin’s price.

Bitcoin (BTC) completed its “halving” phase, according to cryptocurrency analytics firm CoinGecko. “Halving,” an event that occurs every four years, was programmed into the Bitcoin network by its creator, Satoshi Nakamoto, where after every 210,000 blocks mined, the rewards for miners are halved. Coupled with its limited supply (a maximum of 21 million coins), this reduction in rewards creates scarcity for Bitcoin, ensuring controlled supply.

Contrary to many predictions, the price of this digital currency remained fairly stable during the event, hovering around $63,700 per unit. Bitcoin has recently not experienced any significant price surges. Yesterday, the price dropped to as low as $59,685 before quickly rebounding above $65,000.

Bitcoin enthusiasts have long awaited this event. Previous “halving” cycles occurred in 2012, 2016, and 2020. Some cryptocurrency supporters have pointed out that price surges typically follow these events, indicating that this year’s “halving” may also bolster Bitcoin’s price. – Crypto forum discussions about all aspects of cryptocurrency bitforum socialfi #InnovationSocialNetwork


FYI, On the days of Bitcoin halvings:

  • In 2012, the price stood at $12.
  • By 2016, it surged to $660.
  • In 2020, it reached $9,000.
  • And in 2024, it soared to a staggering $64,000.

Each halving year may not bring immediate volatility, but it will gradually integrate into the market and typically elicit price reactions within a year.