• Bitcoin is set to experience its next halving event in 2024, which could cause the price of the cryptocurrency to increase.
• The halving process reduces the number of Bitcoins in circulation and has historically been a catalyst for crypto bull runs.
• Many analysts and traders believe that the real Bitcoin party won’t start until after the halving event in 2024.
What is a Halving Event?
A halving event is an automated reduction in block rewards for miners every 210,000 blocks or roughly every four years. At 840,000 blocks, which is expected to happen around May 4, 2024, the second halving event will take place. This means that miner payouts will be cut in half from 6.25 BTC to 3.125 BTC per block mined.
The Impact of Halvings on Bitcoin Price
Historically, investors have flocked into Bitcoin before each halving event because they expect its price to go up as there’s less of it circulating in the market. Additionally, some analysts such as PlanB and Josh Rager have suggested that these events can trigger a crypto bull run cycle for Bitcoin’s price action.
Preparing for the Next Halving
With one year left until this important protocol-designed reduction takes place, investors should begin preparing their strategies now if they want to make sure they don’t miss out on any gains when it happens. Taking into consideration that there might be some nice opportunities before with both Bitcoin and altcoins due to bounces may also help them maximize their investments during this time period.
It looks like many people are looking forward to Bitcoin’s upcoming halving event scheduled for 2024 since it has historically been correlated with notable increases in its price action over time. Investors who want to benefit from this moment should begin preparing now if they want to make sure they don’t miss out on potential gains when it happens next year!