Crypto News – The cryptocurrency industry is counting down to the most anticipated event of the year: the halving of Bitcoin in 2024. March is almost over. According to analyst estimates, the network’s next halving event could occur 30 days from now, on April 19 or 20 of this year.
The Last 30 Days to the 2024 BTC Halving: So, How Should You Prepare for the Big Event?
The whole digital asset market as well as the trajectory of the price of Bitcoin (BTC) are predicted to be greatly impacted by the event. In contrast to past halving occasions, when Bitcoin typically reaches a new all-time high before the event, this month’s halving has already seen the cryptocurrency reach a new ATH.
Events involving the halving of the price of Bitcoin have historically had a big effect on it. The market is more speculative and expectant in the months before the halving, which could raise the price of Bitcoin. Following the halving, there is often a period of market consolidation before a bull run that frequently pushes the price of Bitcoin to a new all-time high (ATH). For instance, the bull market of 2021 saw the price of Bitcoin rise to around $70,000 and a market value of up to $1 trillion, succeeding the previous halving in 2020.
Rekt Capital Warns About Danger Zone
That being said, the next event might not be like previous cycles. The biggest indicator of this is that Bitcoin saw a new ATH before halving. Various variables, such as greater general acceptance of Bitcoin, macroeconomic conditions, and increased institutional adoption, have been blamed for the early price boom. The recent market approval of Bitcoin spot ETFs has also been cited as a contributing factor to the spike.
Rekt Capital experts indicated earlier this week that Bitcoin is getting close to a crucial stage known as the “Danger Zone.” Days prior to the halving, the market gurus asserted that Bitcoin has a history of retracing at this point.
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