Do you know the reason for BTC’s surge?
That’s the optimism in the crypto market caused by the Bitcoin halving. According to the historical cycle of Bitcoin halving, it will be halved every four years. 2024 will be the fourth halving of Bitcoin since its birth. The halving is expected to occur on April 23. The block height at the time of halving is 840000. The year after the first three Bitcoin halvings, Bitcoin prices hit all-time highs. In November 2021, the year after the last halving cycle, the price of Bitcoin hit a record high of $69,044.
"Historically, every halving has resulted in some kind of bullish price behavior," said Reth Rhodes, former deputy director of the New York State Department of Financial Services. "That makes sense because you would expect that as supply constraints increase, Prices will naturally rise.
It is reported that in 2020, Bitcoin mining rewards dropped from 12.5 Bitcoins to 6.25 Bitcoins. This year, the mining reward will decrease from 6.25 Bitcoins to 3.125 Bitcoins. Leith-Rhodes said that in the two years before and after the first Bitcoin halving in 2012, the price of Bitcoin increased by approximately 30,000%. In 2016, the price of Bitcoin increased by nearly 800% in two years. With the 2020 halving, investors saw a 700% gain.
Keiko asked: Are you optimistic about the market situation of BTC after the halving?
