Bitcoin halving prediction: BTC prices may not spike in 2024

Bitcoin Halving Price Prediction

Bitcoin halving price prediction; With the Bitcoin halving event approaching, cryptocurrency enthusiasts, especially Bitcoin holders, seem more optimistic than ever as they expect an unprecedented spike in the value of Bitcoin following this highly anticipated event.

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Previous halving events in 2012, 2016 and 2020 have all triggered bull markets, and it is widely believed that next year's halving will be no exception.

However, while it may seem right to be highly optimistic about the halving event, there are a number of factors that should be considered before there is such a great deal of hope about the prospects of the halving event.

Before highlighting some of these important factors, it is worth mentioning that the next BTC halving is expected to take place in April 2024.

TimesTabloid, on the other hand, published a well-written article with everything there is to know about the Bitcoin halving. You can read it to fully understand what the event is all about.

Impact of rising BTC interest rates on demand and supply, Bitcoin halving price prediction

The idea behind every Bitcoin halving event tends to focus on triggering scarcity. What is the reason for the halving? This is achieved by cutting the supply of new Bitcoin in half, which makes Bitcoin more of a deflationary and risky asset.

All of the above factors make Bitcoin more attractive and scarce to potential investors, increasing the demand for Bitcoin.

It's worth noting that as interest rates fall, more spending will be triggered, which will increase demand. However, this is not the case with Bitcoin, as the currency appears to reward holders with rising interest rates, which could be detrimental to the currency's supply and demand curve in the long run.

History of past Bitcoin halving events

The last halving event occurred around May 2020, and Bitcoin soared to an all-time high (ATH) of $68,790 in November 2021.

Similar significant price highs have occurred in other events in the past, especially in 2012 and 2016. However, the 2020 show seems to have attracted a lot of attention as it is believed to have catalyzed BTC's ATH.

Results of the Litecoin halving event

Just like Bitcoin, Litecoin is another proof-of-work cryptocurrency. Three halvings have been held in the past and the price of the token has not changed significantly.

Past Litecoin halving events occurred in 2015 and 2019. The most recent halving took place in August of this year, and the coin is still down 9% for the year.

In conclusion, there is no guarantee that every Bitcoin halving will automatically translate into any particular price spike. While we wait for the main opportunity, investors and cryptocurrency enthusiasts should be cautious about every price prediction.

Source: Golden Finance