Bitcoin halving is behind us. What’s next? The BTC rate may break the ceiling

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The fourth Bitcoin halving has ended. The cryptocurrency rate dropped below 64,000. dollars, but one analyst expects a strong increase in the valuation of BTC.

On Friday, the so-called bitcoin halving. In other words, the reward for miners for mining another bitcoin block was halved. The reward decreased from 6.25 to 3,125 BTC.

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Bitcoin halving. What next? The BTC exchange rate reacts

The Bitcoin price immediately reacted to the halving. The price of the world’s most popular cryptocurrency slightly dropped below 64,000. dollars. It is worth adding that Bitcoin has been constantly gaining in recent months – only in the second half of October 2023 did BTC exceed the level of 30,000. dollars.

Bitcoin rate Chart: Stooq.pl

This is the fourth such operation since 2012. Previous halvings were carried out in 2012, 2016 and 2020 and each time they resulted in an increase in the valuation of BTC. Conotoxia Ltd analyst Grzegorz Dróżdż recently pointed out that after the halving on May 11, 2020, the value of bitcoin increased by 664%. But even greater increases occurred after the first (+5,430%) and second halving (+1,163%).

How will halving affect the bitcoin price? The expert presented the forecasts

A process called halving takes place every 210,000th block mined, i.e. approximately every four years. The operation is intended to slow down the rate of creation of new bitcoins. The creator of this cryptocurrency, who goes by the pseudonym Satoshi Nakamoto, set the supply limit at 21 million BTC to protect bitcoin from inflation. However, so far over 19.5 million BTC have been mined.

But will Friday’s halving raise the bitcoin price as much as previous operations? Experts aren’t entirely sure. – I don’t know yet how significant the halving could be, said Adam Morgan McCarthy, a research analyst at Kaiko, as quoted by Associated Press . But senior cryptocurrency research analyst at Bitwise Ryan Rasmussen expects growth.

– We expect the bitcoin price to perform well over the next 12 months – he said. Rasmussen added that some forecasts put the bitcoin price at as high as 400,000. dollars, but the consensus assumes an increase in BTC to the range of 100,000. up to 175 thousand dollars.