InfoQuest – Bitcoin has rebounded above the 62,000 level or around 2,280,000 baht today, while the Bitcoin halving is expected to occur tomorrow (April 19).
As of 6:10 PM local time, Bitcoin jumped 1.8% to $62,128.12 in trading on Coinbase (NASDAQ:).
Cryptocurrency market websites are counting down the days until the Bitcoin halving, while the latest information from most websites indicates that there is only one day left until the Bitcoin halving.
A Bitcoin halving is a Bitcoin block halving event that occurs every four years, halving the rate of new Bitcoin creation. While reducing the rewards given to Bitcoin miners. To maintain a balance between supply and demand for Bitcoin in the market.
Bitcoin halvings have happened three times in the past, and each time it happened, it pushed Bitcoin to new highs. Investors around the world are watching the Bitcoin halving this week, the fourth time such a phenomenon has occurred.
Previous Bitcoin halvings in 2012, 2016, and 2020 were followed by a subsequent surge in Bitcoin prices.
Bitcoin is close to reaching $69,000 in November 2021. After adjusting to around $8,800 before the Bitcoin halving in 2020 and earlier, Bitcoin rebounded to the $20,000 level in late 2017 after settling at just $650 before the Bitcoin halving in 2016.
Furthermore, Bitcoin rose to an all-time high of $73,798 on March 14, 2024, breaking the previous record of $68,990 set in November 2021.
Bitcoin rose 157% in 2023 and has now rebounded almost 50% since the start of 2024.
“The market experienced a supply shock. This is because the supply of Bitcoin was only cut in half. Which in terms of demand and supply you will have less supply entering the market. Even if demand remains at the same level, prices will start to rise,” said Will Clements, founder of Reflexivity Research. .
Analysts at Bitfinex predict that the price of Bitcoin will rise by 160% in 12-14 months after the Bitcoin halving this year, which will take Bitcoin to an all-time high above $150,000.
Gryphon Digital Mining, a Bitcoin mining company, is expected to exceed $100,000 in Bitcoin this year. There is also a chance to rise above the $150,000 level as well.
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