The next Bitcoin halving event is expected to occur in March 2024, according to data (1) from Bitdegree. The anticipation surrounding this event looks to be reaching a fever pitch.
In the past, Bitcoin halvings have occurred around every four years, although it is impossible to forecast when the next one will take place accurately.
Nevertheless, the estimate is based on more than simply the most recent halving. There have been only three halving events since the creation and introduction of Bitcoin in 2009.
The first Bitcoin halving occurred on November 28, 2012, while the second Bitcoin halving took place on July 9, 2016. On May 11, 2020, we had the most current and also the most recent halving that ever took place.
Even since the 4-year rule isn’t exactly laid out in black and white, it’s safe to assume that the next one will similarly occur in 2024.
The Bitcoin Halving Will Have an Effect on the Price of Bitcoin and the Crypto Market
One of the most significant upcoming events in the bitcoin market is the halving of the Bitcoin supply, which should be brought to your attention. Because it affects the price of Bitcoin (BTC), it garners a lot of attention.
Every halving has resulted in a large price increase throughout Bitcoin’s history. The excitement that typically surrounds Bitcoin halvings is not surprising, given the nature of the cryptocurrency.
For instance, the price of bitcoin hovered around $12 immediately before its first halving in 2012. The price of a Bitcoin was roughly $12. But, after the asset’s value was cut in half, it skyrocketed to more than $1,200, marking a 9,900% increase in value.
Similarly, Bitcoin was drifting about the $650 price point well before the second halving. As it turns out, the second halving led to a tremendous rise, boosting the price to approximately $19,000.
Also, it has been claimed that the price of Bitcoin has increased by 533% in a short time after the previous halving.
Yet it is worth adding that, even as Bitcoin price is projected to take up the pace, so is the general crypto market.
This is because Bitcoin now holds approximately 60% of the market share in the cryptocurrency space.
It is well known that the rest of the cryptocurrency market almost always follows suit whenever Bitcoin makes a move.