Bitcoin increased about 35% in January 2023 alone, so far within 26 days. It could be an indicator of its next highest value ever. IF this trend continues even for 2-3 months, seeing a level of $45k is no big deal. Bitcoin and shiba inu, alongwith some other coins have grown to unimaginable levels which had never been predictable. IT is for sure that bitcoin will go scarcer day by day and that factor alone will push its price to any extent. If the entire concept of crypto fails, which is not likely anytime soon, I do not see much threat to bitcoin atleast. Bitcoin Halving is Predicted to Occur on Tuesday Apr 16, 2024.
Historically, the cryptocurrency experiences massive price increase during its halving episodes, increasing its value by 1,263% between the 2016 and 2020 occurrences of this important event.
With the trend, it is projected that by March 23, 2024, a single unit of BTC will have a value of $120,263. In 2009, the reward for each block in the chain mined was 50 bitcoins. After the first halving, it was 25, and then 12.5, and then it became 6.25 bitcoins per block as of May 11, 2020. To put this in another context, imagine if the amount of gold mined out of the Earth was cut in half every four years. If gold's value is based on its scarcity, then a "halving" of gold output every four years would theoretically drive its price higher.
This is a very unique proposition with bitcoin that does not apply to other altcoins. Many have unlimited or near unlimited supply like XRP or SHIB. They may grow along but not to the levels of bitcoin. Even it is possible that after this halving, Bitcoin does not go down but keeps doing great due to FOMO (the fear of missing out). 21 millions is not a big number when everybody will seek it.
Historically, the cryptocurrency experiences massive price increase during its halving episodes, increasing its value by 1,263% between the 2016 and 2020 occurrences of this important event.
With the trend, it is projected that by March 23, 2024, a single unit of BTC will have a value of $120,263. In 2009, the reward for each block in the chain mined was 50 bitcoins. After the first halving, it was 25, and then 12.5, and then it became 6.25 bitcoins per block as of May 11, 2020. To put this in another context, imagine if the amount of gold mined out of the Earth was cut in half every four years. If gold's value is based on its scarcity, then a "halving" of gold output every four years would theoretically drive its price higher.
This is a very unique proposition with bitcoin that does not apply to other altcoins. Many have unlimited or near unlimited supply like XRP or SHIB. They may grow along but not to the levels of bitcoin. Even it is possible that after this halving, Bitcoin does not go down but keeps doing great due to FOMO (the fear of missing out). 21 millions is not a big number when everybody will seek it.