© Archyde.com. Bitcoin price breaches $29,000 as the Bitcoin Halving event approaches what is next?
At a time when recession fears continue to grow with repercussions on US stocks. The price jumped to a 10-month high on Monday. The S&P 500 fell earlier on Monday. Ahead of the release of Consumer Price Index (CPI) data this week. Inflation data is key to the decision to raise interest rates by the US Federal Reserve when the Federal Open Market Committee (FOMC) decides in May 2023. Meanwhile, the cryptocurrency community is hopeful that this week’s macro data will send Bitcoin price over 30%. one thousand .
The market turned to the upside as the major cryptocurrency took a sharp turn to breach the $29,000 mark on Monday. Also, the Bitcoin Halving is expected to happen around April 28, 2024. So, the one-year countdown to the Bitcoin Halving will begin in less than three weeks. This gives more reason to believe that there is additional momentum for the bitcoin price to go up.
Bitcoin Halving Event Approaching According to Coingecko data, the Bitcoin block reward will halve to 3.125 coins in about 383 days. Bitcoin halving will happen in block number 840,000. Hence, the estimated time for the reward drop will be April 28, 2024. This event could be very bullish not only for the top cryptocurrency but also for the cryptocurrency market considering the unprecedented downtrend in 2022. Although the evidence is largely lacking Traders expect BTC price to surpass its previous all-time high of $69,000 to $100,000 in 2024.
From the current level of less than $30,000. The exponential growth forecast for the top cryptocurrency could lead to a 10x increase in the bitcoin price after the 2024 event. In the last two cycles of 4 years, the halving caused a 20X and 13X jump respectively for the cryptocurrency.
Crypto Horizon