The broader crypto market has become optimistic about the upcoming trend as the Bitcoin price is coiling up. The price of Ethereum is scaling up, many large-cap cryptos are gaining strength, and some mid-cap tokens are also performing well. In the meantime, the bulls and bears appear to have placed their bets, which could intensify over time.
This may have a severe impact on the BTC price rally, which could be witnessed as soon as the token marks a new ATH.
At Tevason, we’re feeling optimistic about Bitcoin’s price going up. Significantly, one big reason is the upcoming Bitcoin “halving” event. In simple terms, every four years, the number of new Bitcoins entering the market gets cut in half. Consequently, this usually increases the price because there’s less supply.
Hence, we expect the BTC price to create a new 2024 high of $120,000 by August 2024.
Firstly, the Bitcoin ‘halving’ is scheduled to take place in March 2024, an event that happens roughly every four years.
Essentially, Bitcoin miners’ reward for validating transactions gets cut in half. Consequently, this curtails the number of new Bitcoins in circulation, usually sparking a price rally. According to data, the price surges after previous halvings. Therefore, let’s watch this space.
In a nutshell, the optimism and hope around Bitcoin have continued to grow ever since its launch. And now, with the institutions coming together with the 4th Bitcoin halving around the corner marks a crucial turning point. The upcoming years for BTC are marked in green as Bitcoin adoption grows like wildfire in a fiat world.
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