Bitcoin surged to a record $72,000 on March 11, with predictions indicating further peaks.
According to Abhishek Kumar Gupta, Co-Founder of NFTFN, Bitcoin is expected to reach USD100,000-USD150,000 by 2024. He sheds light on Bitcoin halving’s significance and its impact on the cryptocurrency market.
“Bitcoin Halving occurs approximately every four years, reducing the reward for mining new Bitcoin blocks. Scheduled for April 2024, the upcoming halving will slash the mining reward from 6.25 to 3.125 bitcoins per block,” explains AKG. This reduction aims to control Bitcoin’s supply and maintain scarcity, akin to precious metals like gold.
Each halving event historically triggers a price surge due to increased scarcity and demand for Bitcoin. AKG believes the upcoming halving could positively impact the broader cryptocurrency ecosystem.
“With a potential US recession aligning with Bitcoin’s fourth halving and growing interest in Bitcoin ETFs, short-term volatility may increase. However, historically, halvings lead to price appreciation,” notes AKG. He predicts cautious investor behavior, focusing on established cryptocurrencies like Bitcoin and Ethereum.
Despite potential benefits for projects with strong fundamentals, AKG emphasizes the unpredictability of future market performance.
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