InfoQuest – Bitcoin has rebounded above the 63,000 level or around 2,300,000 baht as it approaches the Bitcoin halving event that is expected to occur on Friday, April 19.
As of 6:09 PM local time, Bitcoin was up 0.5% to $63,043.75 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 are only two days 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 several times before. Each time this happened, it was a factor that supported Bitcoin to rise to new highs. Investors around the world are watching the Bitcoin halving this week, the fourth time such a phenomenon has occurred.
“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. .
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.
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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