Analyst suggests Bitcoin halving could trigger 400% bull run

The fourth Bitcoin (BTC) halving will take place next year, which could lead to a bull run for the largest cryptocurrency, as some market analysts believe.

Checkmatey, a network analyst at Glassnode, expressed his optimism about the Bitcoin halving. The expert recalled the great annual return of more than 400% after the halving in previous Bitcoin cycles.

“Bitcoin halving in 2024 is coming, estimated for April next year. Previous cycles also had an impressive 1-year return profile of over 400% post-event,” he wrote.

The 2024 #Bitcoin halving is coming, estimated to be in April next year.

Past cycles have also seen an impressive 1yr return profile of 400%+ following the event.

In this edition, we study the supply dynamics and investor behaviour that underpins this.https://t.co/Obo9lIwoQl

— _Checkɱate 🔑⚡🌋☢️🛢️ (@_Checkmatey_) November 13, 2023

At the time of publication, the price of Bitcoin was quoted at US$36,871.54, up 0.6% in the last 24 hours. The cryptocurrency has recorded 5.0% growth over the past seven days.

Bitcoin Halving 2024: Bloomberg Intelligence Predicts Price Above $50,000

It looks like the cryptocurrency market is about to enter an exciting new chapter in 2024. Bloomberg Intelligence, in a recent report, predicts that the price of Bitcoin (BTC) could surpass the $50,000 mark next year, thanks to next halving.

Bitcoin has already seen a 66% increase this year and is in the process of consolidating near the $27,350 zone. Experts believe that this recovery is just the beginning of an escalation that will take the cryptocurrency to values ​​never seen before for BTC.

Bitoin halving is a process that takes place every four years, in which the block rewards paid to miners on the network are halved. The next Bitcoin halving date is expected to occur around March 30, 2024. This event usually has a significant impact on the price of cryptocurrencies, especially Bitcoin, due to the decrease in the supply of new tokens.

Disclaimer:

The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.