As Bitcoin inches closer to its fourth halving event, scheduled to occur in just two weeks, investors and enthusiasts are eagerly anticipating the potential impact on the cryptocurrency’s price. To gain insight into what we might expect, trader Mags shared how Bitcoin has performed on and around previous halving days.
What you'll learn 👉
The 2012 Halving
In 2012, Bitcoin’s price moved sideways on the halving day itself. However, in the following 380 days, the cryptocurrency experienced a massive surge, climbing from $12 to $1,166 – an astounding 9,500% increase.
The 2016 Halving
The 2016 halving saw a similar pattern, with Bitcoin’s price moving sideways on the event day. A few days later, the price dropped by 29%, but quickly recovered. Over the next 500 days, Bitcoin’s value skyrocketed from $470 to $19,600, marking a 4,100% increase.
The 2020 Halving
Just a few days before the 2020 halving, Bitcoin experienced a minor 17% dip, followed by several months of sideways price action. However, the cryptocurrency then embarked on a remarkable bull run, with its price surging from $8,700 to $69,000 in just 547 days.
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Show more +The 2024 Halving: A Unique Scenario
The upcoming 2024 halving presents a unique scenario, as it is the first time Bitcoin has hit a new all-time high (ATH) before the event. Currently, the cryptocurrency is consolidating near its ATH, with one of the highest monthly closes ever recorded.
What to Expect in 2024
While it is difficult to predict exactly how Bitcoin’s price will behave in the short term, historical data suggests that the cryptocurrency is likely to trade much higher in the coming months than its current level. Whether we see sideways price action or a slight correction, the long-term outlook for Bitcoin remains bullish.
Investors should closely monitor the price action of the cryptocurrency as we approach the 2024 Bitcoin halving. Expecting short-term volatility, previous halvings set a historical precedent that suggests significant growth for Bitcoin in the months following the event. For those with a long-term perspective, dips in Bitcoin’s price may present attractive buying opportunities, as the cryptocurrency continues to establish itself as a major player in the global financial landscape.
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