Bitcoin gears up to break records fueled by Halving event

Bitcoin is currently comfortable in sustaining a $70k+ mark. There are chances that it will hold on to the support level of $65,000 till it initiates the Halving process. Price correction has been laid out by several analysts, triggering speculation about the actual drop that may come ahead. Nevertheless, the community is optimistic that the token will not have a large slip.

Trends formed on the graph hint that the coming days are better for Bitcoin. This is based on the principle that it is only the second time that BTC has bagged positive returns for seven consecutive months. This is a major highlight because it is only the second time in the history of Bitcoin that the line has extended this far.

2012 saw six months of positive returns before a 10% decline happened for the token.

One major event creating bullish sentiments for BTC is the Halving event. The process brings the supply and takes a dig at the mining rewards. Thereby making the token rare and expensive. The historical context favors the trend of an uptick in the token value. The previous three Halving events did the same, and there is no denying that the fourth Halving process will fuel the surge.

November 2012 is when the Halving was done for the time. It took the price from $12 to $1,100 in a year. Four years later, in July 2016, the second Halving process surged the price to $20,000 from $670. The third installment of the event happened in May 2020, taking the price from $9,500 to $69,000 after one & a half years.

Simply put, the Halving event has yielded positive results for Bitcoin, even if that has happened after a certain time. The correction has been estimated by analysts, stating that the token may take a slip before bouncing back to a new ATH.

An earlier predicted estimate was that BTC would touch $100,000 by the end of this year, 2024. That was later increased to $125,000. The most recent predicted estimate has stated that the token is poised to surpass $150,000 by the end of this year if every element aligns favorably. BTC price prediction is optimistic about the upcoming bullish run in 2024. It will have a run amid uncertainty and volatility.

BTC is currently listed at $70,513.67, with a jump of 0.235 in the last 24 hours. It also shows an increase of 25.33% over the last 30 days and 14.095 over the previous 7 days. The 24-hour volume is down by 14.29%, but the market cap soared by 0.19% when the article was drafted.

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Most gains result from the US SEC approving Spot Bitcoin ETF applications. Inflows in the ETF are constant, creating a demand for the token mostly among retail investors.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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