The Fourth Bitcoin Halving and Its Potential to Shatter the $70,000 Ceiling Once More
Portfolio Pulse from Zaheer Anwari
The fourth Bitcoin halving, expected in mid-April 2024, is anticipated to significantly impact the cryptocurrency market by increasing volatility and potentially driving Bitcoin's value beyond its current resistance level and previous all-time high of $69,000. Historical trends suggest that halving events, which reduce the rate of new Bitcoins entering circulation, lead to a supply shock and subsequent price surges. Despite a 77% drop from its all-time high, Bitcoin has shown resilience by surging 337% to a new high of $73,794 on March 11, 2024, but is currently facing resistance.
March 26, 2024 | 7:18 pm
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The fourth Bitcoin halving in April 2024 is expected to increase market volatility and potentially drive Bitcoin's value beyond its current resistance level, possibly surpassing the $70,000 mark again.
Historical trends indicate that Bitcoin halving events lead to a supply shock, reducing the rate of new Bitcoins entering circulation. This, coupled with steady or growing demand, has historically triggered significant price surges. Despite recent resistance, the anticipation of the halving event and its potential impact on supply and demand dynamics could drive Bitcoin's value up, especially considering its recovery and surge to a new high of $73,794 on March 11, 2024.
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